Creditors of Yongcheng Coal & Electricity Holding Group Co have agreed to a proposed repayment plan, the bond’s chief underwriter said on Tuesday, after the company missed payments on maturing short-term commercial paper, Reuters reported. Creditors unanimously approved a plan for Yongcheng to first repay 50% of the principal on the 1 billion yuan ($151.88 million) short-term commercial paper, and to extend the repayment period on the remainder for 270 days, China Everbright Bank said in a statement posted on the website of the National Interbank Funding Center.

India’s stressed asset deals are starting to look cosy. Local tycoon Gautam Adani’s roads-to-mining empire narrowly outbid U.S.-based Oaktree with a $4 billion bid for a collapsed housing lender, but it was submitted after a deadline passed and cheekily expanded on its original plan, Reuters reported. It’s the second time in just a few months that the industrialist has blindsided foreign buyers. The higher offer from Adani Enterprises might be welcomed by creditors led by State Bank of India.

A spurt of missed debt repayments by three Chinese state-owned firms - a coal miner, a chipmaker and an automobile company - has shaken local markets and heightened speculation that a campaign to wean the economy off heavy credit is back, Reuters reported. The defaults have angered investors, who say their faith in the firms’ top-notch ratings, seemingly sound finances and implicit state backing has been violated.

Japan’s bankers celebrated the end of the 1980s with raucous parties and an all-time high of 38,957 on the Nikkei stock index, the Financial Times reported. It had been a magnificent decade and they all looked forward to another one. The economy had grown by an average of 4 per cent a year and seemed well set to continue on a similar path. By 1995, forecast Nomura Securities, the Nikkei index would hit 63,700. It was a thrilling, golden era. Foreign officials, financiers and journalists rushed to Tokyo. Everyone wanted to learn the lessons of Japan. They still do.

The trio of coronavirus vaccines racing toward approval may reach the masses too late to prevent another round of airline failures, Bloomberg News reported. With last week’s insolvency filing at Norwegian Air Shuttle ASA, some 42 airlines worldwide have failed or entered administration this year, according to research from consultant IBA Group. The tally may surpass 70 through March, as rising cases weigh on revenue and carriers struggle to secure fresh funding. “The fourth quarter and the first quarter of next year could be equally terrible,” IBA’s Stuart Hatcher said in an interview.

Sixty-year-old Yashiro Haga is folding his Tokyo noodle ramen shop after 15 years in December, unable to overcome the prospect of a lasting customer slump due to the coronavirus crisis, Reuters reported. “The flow of people has changed due to the coronavirus,” Haga said, standing behind the counter of his ground-floor shop, Shirohachi.

When a state-owned coal company in central China defaulted on a bond worth $152m this month, the slip-up seemed unlikely to send tremors through the world’s second-largest economy, the Financial Times reported. Prior to the default by Yongcheng Coal and Electricity Holding Group on November 10, only five Chinese state-owned enterprises (SOEs) had failed to pay back bondholders in the first 10 months of 2020, according to Fitch Ratings — consistent with levels in recent years. But within a fortnight, Tsinghua Unigroup, a high-profile state technology group, would also default.

World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increased poverty and a repeat of the disorderly defaults seen in the 1980s, Reuters reported. Malpass said he was pleased by progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

A Chinese court has accepted an application from a creditor of Huachen Automotive Group Holding Co Ltd seeking the restructuring of the parent of BMW AG's joint venture partner Brilliance China Automotive Holdings Ltd, Reuters reported. The Liaoning Shenyang Municipal Intermediate People’s Court accepted the application from GZ Tooling Group Co Ltd, an auto mould supplier, to restructure Huachen after the Liaoning government-owned company failed to pay mould costs and interest worth 10.2 million yuan ($1.55 million), showed a court filing published on Friday.

China’s investigation into the shock bond default by a state-owned coal miner hit shares of its listed underwriters on Friday, while shedding light on the creaking infrastructure of the country’s $4.4 trillion corporate bond market, Reuters reported. Top-rated Yongcheng Coal & Electricity Holding Group defaulted on a 1 billion yuan ($152 million) bond on November 10, stunning investors. Shares of Industrial Bank Co and China Everbright Bank fell in Shanghai on Friday after regulators said the two underwriting banks were suspected of misconduct.