South Korean carmaker Ssangyong Motor has filed for bankruptcy after failing to repay creditors, a move analysts said signals that the government is unlikely to bail out pandemic-hit companies that have foreign backers, the Financial Times reported. Ssangyong, 75 per cent-owned by Indian automaker Mahindra & Mahindra, has filed for court receivership and warned of massive disruptions to its operations after defaulting on loan payments of about Won60bn ($54.4m).

Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic, Deccan Herald reported. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.

On 3 December 2020 the Cyprus Parliament voted for the extension of relevant tax provisions of the Cyprus tax legislation with respect to the debt restructurings, Mondaq reported. The debt restructuring provisions allow for certain tax relief incentives for transactions which involve the transfer of Cyprus immovable property by a borrower (the definition of "borrower" has been extended recently to include any related person to the primary borrower) and/or debtor and/or guarantor to a qualified lender.

Indian stocks fell, taking a sudden plunge about one hour ahead of the close as investors assessed the latest coronavirus outbreaks as well as a new lockdown in the U.K, Bloomberg News reported. The S&P BSE Sensex closed down 3% to 45,553.96, the biggest decline since May, with all stocks in the red. Reliance Industries and utilities were the biggest contributor to the losses with the oil refiner down 2.6%. Meanwhile, a broader gauge of about 200 stocks that includes mid caps tumbled 3.4%, the most since May.

Debt-laden Sarawak Cable Bhd (SCable) has struck deals with financial institutions to restructure the loans of its affected subsidiaries, The Star Online reported. SCable said the affected companies (subsidiaries) have entered into the relevant agreements (RAs), including the restructuring agreements, with their respective lenders, with all the agreements having been signed by Dec 11,2020. The parties have agreed to vary the terms and restructure the existing facilities in accordance with the affected companies’ restructuring scheme (RS), the company told Bursa Malaysia on Dec 11.

OneWeb, the satellite internet group recently rescued from bankruptcy, is expecting to clinch a $400m fundraising next month, its executive chairman said as the company marked a return to business with the launch of 36 satellites, the Financial Times reported. Sunil Bharti Mittal, the Indian telecoms tycoon who with the British government has taken control of OneWeb for $1bn, said two satellite operators and a financial group were in late stage discussions about investing. “We are very close . . . maybe a couple of weeks,” Mr Mittal said.

Global institutions, creditors and lobby groups are scrambling to come up with ways of tackling what many fear will be a wave of sovereign debt crises in emerging economies in the coming year, the Financial Times reported.

Oil and gas explorer Far Ltd said on Thursday it received a A$209.6 million ($159.15 mln) all-cash takeover proposal from private investment firm Remus Horizons PCC Ltd, Reuters reported. The offer values Far at 2.1 Australian cents per share, representing a premium of 90.9% to the company’s shares last closing price of 1.1 Australian cents. Cash-strapped Far has struggled due to the coronavirus-induced downturn in the oil and gas industry, with the Africa-focused explorer defaulting in June on its contributions to the Sangomar oil project off Senegal’s shore.

China’s banking and insurance regulator said on Thursday it has approved the opening of China Galaxy Asset Management Co., Ltd, the fifth asset management company in the country that will mainly deal with bad loans and toxic assets nationwide, Reuters reported. Chinese banks are braced for rising bad debt in the coming months as policies designed to give borrowers breathing space on loans during the coronavirus crisis expire.

China’s central bank is striking out on its own with signals of tighter monetary policy, widening a divergence with other large economies that will shape global capital and trade flows next year, Bloomberg News reported. With most of the world’s major nations still battling the pandemic and struggling to recover from deep recessions, China’s economy is on track to grow by about 2% this year and more than 8% in 2021.