India’s shadow banking crisis and revitalized bankruptcy process are creating new opportunities for Deutsche Bank AG as it steps up lending to cash-strapped tycoons and for purchases of distressed assets, Bloomberg News reported. The German lender is seeing three times the volume of financing deals compared with 2018, when the shadow banking problems erupted, according to Rahul Chawla, the head of global credit trading at Deutsche Bank’s India unit.

Singapore’s embattled water treatment firm Hyflux Ltd. has received interest from a new investor, a day before its next court hearing, adding yet another twist to the nation’s most high-profile debt restructuring case that has dragged for more than 18 months, Bloomberg News reported. Hyflux received a letter from Longview International Holdings expressing interest in investing in the company together with an undisclosed “major Chinese entity” as a joint venture partner, according to a filing. The statement didn’t provide any further details on the plan.

State Bank of India has agreed to proceed with a restructuring proposal by wind power firm Suzlon Energy Ltd., a senior banker familiar with the matter told BloombergQuint on the condition of anonymity, BloombergQuint reported. The decision was taken by the bank’s board after a series of meetings last week. Suzlon, which owes banks Rs 11,300 crore, had proposed to split its debt into a sustainable and an unsustainable part. The company sought to convert Rs 7,700 crore in debt into convertible debentures, which would be held in the investment books of banks.

Bondholders caught in a $850 million state-backed corporate default in China were split over an offer to repay them roughly 40 cents on the dollar, in only the second distressed test of the country’s offshore bond markets in 20 years, Reuters reported. Qinghai Provincial Investment Group (QPIG), an energy and mining conglomerate, missed an interest payment on Jan. 10, triggering defaults on three dollar-denominated bonds. On Feb.

UK steel magnate Sanjeev Gupta has completed the acquisition of a bankrupt Indian steelmaker after a long court battle, the first foray by his GFG Alliance into the country’s fast-growing market following previous failed attempts, the Financial Times reported.

Indian mutual funds are carving out their investments in troubled Vodafone Idea Ltd.’s debt into separate portfolios as they seek to limit any fallout from a possible default by the telecom carrier, Bloomberg News reported. UTI Mutual Fund and Nippon Life India Asset Management moved to ring-fence their holdings in Vodafone Idea’s debt on Monday after credit assessor Care Ratings Ltd. downgraded the carrier’s borrowings, statements from the companies show. Last month, Franklin Templeton Mutual Fund also segregated the company’s debt.

India’s top court rejected a plea by mobile carriers seeking more time to settle billions of dollars in back-fees, threatening to push Vodafone Group Plc’s beleaguered local venture to the brink weeks after it warned of a potential collapse, Bloomberg News reported. The Supreme Court’s three-judge panel, headed by Arun Mishra, said Friday that operators including Vodafone Idea Ltd. and Bharti Airtel Ltd. -- owing a total of $13 billion in dues for spectrum and licenses -- must deposit the dues by March 17. Shares of Vodafone Idea plunged.

China’s provinces are facing the economic fallout from the coronavirus with depleted ammunition, given they were already bracing for a deterioration in public finances before the outbreak hit, Bloomberg News reported. More than half of mainland provinces expect slower expansion of revenue in 2020 than last year’s average local income growth, according to their budgets published before the disease outbreak became widespread in January. Hubei, the epicenter, was already expecting income to fall.

After a decade of efforts and $18 billion in state bailouts, Kazakhstan’s banking sector is still in a mess. Just ask the country’s president, Bloomberg News reported. “The financial system is sick,” President Kassym-Jomart Tokayev told a government meeting last month as he railed against declines in business lending and an increase in loans to consumers with little chance of repaying the money.

A state-owned Chinese aluminum producer’s proposal to settle $850 million of defaulted bonds is meeting strong resistance from investors, throwing in doubt a restructuring plan that entails steep losses for bondholders, Bloomberg News reported. On Friday, offshore creditors of Qinghai Provincial Investment Group Co. published a letter to Chinese government entities including top regulators in a Hong Kong newspaper, calling on the defaulter to withdraw its offer of a debt overhaul.