make a proposal

The cancellation of the summertime fest comes as the parent company that runs it confirmed that it is preparing to file for bankruptcy, announcing Tuesday that the company had filed a notice of intention to make a proposal under Canada’s Bankruptcy and Insolvency Act.

The Korea Fair Trade Commission, with the backing of President Yoon Suk Yeol, said in December that it planned to make a proposal modeled after the 2022 Digital Markets Act, the European Union’s landmark law to rein in American tech giants.

By 2028, after an impact assessment, the European Commission has to make a proposal to address these effects — with contrails as the most salient.

The EU law says the Commission will make a proposal on how vehicles running on CO2-neutral fuels can be sold after 2035, if this complies with climate goals.

The European Commission is planning to make a proposal on such a body, but it is not clear when it will come.