Airport ground services and air-cargo handler Swissport International AG has reached a deal on a balance-sheet restructuring that will preserve its business under pressure from the Covid-19 pandemic, The Wall Street Journal reported. The debt-for-equity swap will lighten the debt side of Swissport’s balance sheet as it contends with  the impact of reduced air travel on its revenues. Ownership of the Zurich-based company will pass from China’s HNA Group Co. Ltd. to a group of mostly U.K-. and U.S.-based investment funds once the restructuring is complete.

Debt-laden Turkish companies are seeking more time to repay bank loans after the coronavirus pandemic upended plans to sell assets, according to four sources with direct knowledge of the matter, Reuters reported. Even before the virus hit Turkey in March, firms were seeking lower rates from banks after an aggressive monetary easing campaign and since then, large and small companies are looking for further revisions to nearly all of the restructurings agreed in the past two years, according to one of the sources.

Thai Airways International Pcl’s request to restructure its debt as part of bankruptcy proceedings was approved by a bankruptcy court on Monday, sending its share price sharply higher, Reuters reported. The decision by the court, which handles bankruptcy and restructuring requests in Thailand, allows the airline to move ahead with drawing up plans to restructure 245 billion baht ($7.83 billion) worth of debt. It comes as the coronavirus fallout has added to the woes of the airline, which has been struggling since 2012 and in which the government has a large stake.

An Indian court has ordered the seizure of a tanker belonging to Dubai-based oil trading firm GP Global after a petition from UAE lender National Bank of Fujairah over a loan default, a court document showed, Reuters reported. The Gujarat High Court directed the authorities of Pipavav Port on Sept. 9 to seize the company’s bunkering tanker, GP B3, and detain it until a further court order or until the outstanding loan amount of just over $2 million is paid, a court document seen by Reuters shows. The next hearing is on Sept. 17.

Thai Airways International Pcl, the nation’s flagship carrier, faces one of its biggest challenges in its 60-year history, with a local court set to rule on its debt restructuring on Monday, Bloomberg News reported. The Central Bankruptcy Court will decide whether the airline can proceed with its plan to rehabilitate its debt. The company, which had total liabilities of 332.2 billion baht ($10.6 billion) at the end of June, is one of the nation’s most high-profile debt cases.

Turkey had its debt rating cut deeper into junk by Moody’s Investors Service, which warned of a possible balance-of-payments crisis in assigning the lowest grade it’s ever given to the country, Bloomberg News reported. The sovereign credit rating was cut to B2, five levels below investment grade and on par with Egypt, Jamaica and Rwanda. The company kept a negative outlook on the rating, saying fiscal metrics could deteriorate faster than currently expected.

India’s top court extended the easing of rules over the classification of non-performing loans until further notice, delaying the disclosure of how much bad debt banks hold, Bloomberg News reported. The three-judge bench headed by Justice Ashok Bhushan on Thursday gave the government two weeks to come up with relief measures for virus-hit businesses and said such a decision had to be put before the court for consideration. It also reiterated that banks must not classify any loans as bad if they were performing at the end of August until further order.

AirAsia Group Bhd. is seeking to raise as much as 2.5 billion ringgit ($600 million) by the end of the year as it tries to survive a business slump exacerbated by the coronavirus pandemic, Bloomberg News reported. The Subang, Malaysia-based budget carrier may borrow up to 1.5 billion ringgit from banks and another 1 billion ringgit from investors, a spokeswoman said Tuesday.

Lenders will have to consider financial parameters such as liquidity and debt-servicing ratios while preparing a restructuring plan for loan accounts that have turned bad due to the coronavirus pandemic, the Reserve Bank of India said following the recommendations of an external panel, Bloomberg News reported. The central bank identified 26 sectors affected by the pandemic such as auto, aviation and tourism, which can be offered a resolution subject to criteria including debt-coverage ratio, outstanding liabilities and net worth at pre-Covid levels.

Australia will extend its temporary insolvency and bankruptcy protection rules until the end of this year, Federal Treasurer Josh Frydenberg said on Monday, providing businesses a lifeline to recover from the impact of the coronavirus pandemic, Reuters reported. Under the rules, which were first introduced in March and due to expire on Sept. 30, creditors cannot issue bankruptcy notices to businesses for debts below A$20,000 ($14,558). The creditors’ notice period to act on debts could also be extending letting many firms keep trading without paying rent, tax and loans.