As investors brace for the biggest dollar default by a Chinese government-owned borrower in decades, a new breed of state asset managers tasked with cleaning up the mess is gaining equal attention, Bloomberg News reported. Trading firm Tewoo Group Corp., a onetime Fortune Global 500 company that seemed like a good bet for a full official bailout thanks to its state ownership, is struggling to make payments on its $2.05 billion of offshore debt.

In a major development, the RBI-appointed Administrator for the beleaguered Dewan Housing Finance Ltd (DFHL) on Thursday asked all its fixed deposit and non-convertible debenture holders to file their claims before December 17, The Economic Times reported. The move comes ahead of the Supreme Court hears a group of investors who have moved it on the matter, and barely three days after the National Company Law Tribunal's Mumbai bench admitted the RBI's application for initiating insolvency proceedings against the cash-strapped firm, and permitted it to go ahead in the matter.

Turkey’s banking regulator eased measures on how banks classify credit to once-troubled companies, helping lenders to potentially avoid adding more non-performing loans to their books, according to people familiar with the matter, Bloomberg News reported. The Banking Regulation and Supervision Agency, or BDDK, will now leave it to lenders to decide which company loans need to be reclassified as non-performing, said the people, who asked not to be identified because the changes haven’t been publicly announced.

Indian Prime Minister Narendra Modi’s government is considering easing lending rules for shadow banks, according to people familiar with the matter, a move that would give the cash-starved financiers access to funds, Bloomberg News reported. Modi’s cabinet is likely to discuss allowing state banks to provide so-called credit enhancement against securities rated BBB+ to non bank financiers, the people said, asking not to be identified before a public announcement. That’s the fifth level below what’s permitted under the current plan.

Infrastructure Leasing & Financial Services Ltd., the beleaguered infrastructure financier, reported an annual loss after writing off some investments and advances that it doesn’t expect to recover, Bloomberg News reported. The troubled shadow bank announced a loss of 225.4 billion rupees ($3.15 billion) for the financial year ended March, compared with a profit of 3.32 billion rupees in the previous 12 months, according to an exchange filing. Its total income during the year more than halved to 8.24 billion rupees.

Shares of Dewan Housing Finance (DHFL) hit lower circuit on Tuesday after the insolvency court accepted bankruptcy proceedings against it, The Economic Times reported. DHFL became India’s first non-banking finance company to face insolvency proceedings after the Reserve Bank of India took the company to the Mumbai bench of the National Company Law Tribunal, which admitted the insolvency resolution plea on Monday.

China’s Peking University Founder Group is scrambling for funding after failing to repay an onshore bond, three sources told Reuters on Tuesday, which could trigger defaults on billions of the borrower’s U.S. dollar offshore debt, Reuters reported. State-owned Peking Founder told investors on a conference call on Tuesday it had yet to obtain the 2 billion yuan ($284 million) it needs to repay the overdue note, the sources said, although it had a grace period of 15 days to do that.

An Indian shadow lender whose debt problems are being closely watched amid a broader industry crisis is facing pushback on its restructuring plan, Bloomberg News reported. Some creditors to Altico Capital India Ltd., which focuses on real estate lending, are concerned that the absence of fresh equity in the proposal fails to address a dramatic surge in bad loans, said two people familiar with the matter, asking not to be identified because the information isn’t public.

China is hurtling toward another record year of onshore bond defaults, testing the government’s ability to keep financial markets stable as the economy slows and companies struggle to cope with unprecedented levels of debt, Bloomberg News reported. At least 15 defaults since the start of November have pushed this year’s total to 120.4 billion yuan ($17.1 billion), within a hair’s breadth of the 121.9 billion yuan annual record in 2018, according to data compiled by Bloomberg.

Nissan’s new chief executive has shelved talks on levelling the ownership structure on its alliance with Renault, saying the two carmakers will focus on reviving their struggling businesses, the Financial Times reported.