Jet Airways India Ltd., one of the country’s biggest carriers, is on life support. A bailout plan proposed by its lenders is in limbo, more than 80 percent of its fleet is grounded, staff salaries are delayed and it’s missed payments to banks and leasing companies, Bloomberg News reported. The clock is ticking for one of the country’s most visible companies at a sensitive time, with India’s general election just weeks away. The chairman of the debt-ravaged airline has resigned and emergency funding from lenders has yet to materialize.

A series of bankruptcy filings by major private-sector bond issuers in China’s third-wealthiest province is shining a spotlight on aggressive efforts by local governments to manage unsustainable debt loads, Bloomberg News reported. Four debtors have entered bankruptcy procedures since the start of November in Dongying, a city of 2 million in the eastern province of Shandong that once thrived with a booming tire-making industry. While China sees thousands of bankruptcies each year, instances of court-led restructuring of publicly issued bonds have been rare.

You don’t adopt a modern insolvency law in the expectation of damaging the credibility of your central bank. But that’s just what has happened in India. The country’s Supreme Court on Tuesday struck down a controversial 2018 directive from the Reserve Bank of India, which gave lenders a 180-day deadline to resolve nonperforming loans before having to refer the defaulting borrowers to a bankruptcy tribunal, a Bloomberg View reported. The verdict is a serious blow to the bank’s officials, who have been trying to tackle one of the world’s worst bad debt problems — with some early success.

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) is “staring” at a 90 percent gross bad loans as a percentage of total loans of its main lending arm IL&FS Financial Services, the firm’s non-executive Chairman Uday Kotak said on Wednesday, Reuters reported. IL&FS, a major infrastructure financing and construction company, has a total debt of 910 billion rupees ($12.97 billion) and has been trying to sell its assets to repay debt after several defaults forced the government to overhaul its management.

Turmoil has ripped through Turkish financial markets in recent weeks, reprising the fear and volatility that sent the country’s economy into a tailspin and its currency into crisis last summer, The Wall Street Journal reported. Only limited progress has been made since then to shore up the country’s finances. And wary international investors have balked at signs that Turkey’s president, Recep Tayyip Erdogan, is returning to his unorthodox economic playbook. His party’s losses in key local elections this weekend add more uncertainty to the mix.

Indian tycoons whose companies have fallen behind on loan repayments can breathe a bit easier now. The nation’s top court on Tuesday struck down a Reserve Bank of India directive that tightened rules for recasting delinquent accounts and mandated when they must be moved to bankruptcy tribunals, Bloomberg News reported. In doing this, the court restored to lenders some discretion in deciding how they want to resolve a loan once it’s in default.

Hyflux Ltd. will put its debt restructuring plan to vote this week, leaving its fate in the hands of unsecured creditors, Bloomberg News reported. Whatever the outcome, it will mark another entry in the list of fallen Singapore companies. The Singapore water-treatment and power group is seeking to fix S$2.8 billion ($2.1 billion) of liabilities by asking senior lenders to accept haircuts of some 75 percent and junior retail investors of about 90 percent on their claims.

South Korea’s cash-strapped Asiana Airlines Inc plans to cut unprofitable routes and the size of its fleet to improve its financial health, Chief Executive Han Chang-soo said in a letter to employees on Monday. Han’s co-chief executive resigned on Thursday and its debt-ridden parent Kumho Asiana Group sought financial support from its biggest creditor after an accounting fiasco triggered warnings of credit rating downgrades, Reuters reported. He also said the company would sell more assets to secure liquidity, but did not elaborate.

In a related story, The Wall Street Journal reported that ineffective monetary policy is hindering Beijing’s efforts to pep up growth, with little of the extra cash it has pumped into the financial system filtering into the real economy. China’s government is taking other measures to stimulate economic expansion, including tax cuts and selective spending on infrastructure. Yet this stimulus is likely to be less effective than before, given a much larger economy and years of rapid debt growth—making central bank action more important.

Financial markets are in danger of jumping to the wrong conclusion in their euphoric reaction to China’s record level of lending in January and February. They seem to be assuming that history is repeating itself, with the economy set to enjoy the same impact from stimulus spending in 2019 as it did in 2009 and 2016. But the available evidence suggests a very different conclusion, and one not so positive for financial assets, the Financial Times reported in a commentary. On the surface, this year’s jump in China’s total social financing (TSF) seems to support the bullish argument.