HSBC Holdings Plc alleged Singapore oil trader ZenRock Commodities Trading Pte Ltd. was involved in a series of “highly dishonest transactions” that included the company using the same cargo of oil to obtain more than one loan from banks, according to court documents seen by Bloomberg, Bloomberg News reported. Europe’s biggest lender filed an application to Singapore’s High Court on May 4 to put ZenRock under so-called judicial management, a form of debt restructuring in which a third party runs the company.

HSBC Holdings Plc, already on the hook for $600 million in loans to fallen Singapore oil giant Hin Leong, has taken steps to oust the management at another energy firm, claiming it used the same cargo to secure financing from multiple banks, Bloomberg News reported. Europe’s biggest lender filed an application to Singapore’s High Court on May 4 to put ZenRock Commodities Trading Pte Ltd. under so-called judicial management, a form of debt restructuring in which a third party runs the company, according to people with knowledge of the matter.

A rally in Indian shares lost steam on Tuesday as banking stocks slid after a report warned of stress among lenders, at a time when millions of borrowers face losses in income amid a coronavirus lockdown, Reuters reported. The NSE Nifty 50 index, up more than 1.5% on Tuesday morning, closed 0.95% lower at 9,205.60. The S&P BSE Sensex fell 0.83% to 31,453.51. The easing of coronavirus lockdowns helped boost Indian markets, but the optimism began to fade as banking stocks cratered. The top four drags to the Nifty 50 were lenders.

With China’s economy in free fall and millions of small businesses running low on cash, the online lending platform backed by billionaire Jack Ma entered crisis mode, Bloomberg News reported. It was mid-February, near the peak of China’s coronavirus outbreak, and MYbank had to decide whether to reduce its exposure or keep doling out loans. After a two-day marathon of calls and emails from self-isolation, the firm’s executives agreed with 25 partner banks on a potentially risky strategy: cut interest rates and turn on the credit taps like never before.

With plenty of Hong Kong companies on their last legs, landlords, suppliers and other creditors are eager to collect on unpaid bills, Bloomberg News reported. For three months, there’s been no relief: the court that presides over failing businesses has been effectively closed. Now, with the court scheduled to resume Monday, lawyers and restructuring experts are expecting a flood of unhappy lenders to ask for a forced liquidation of hundreds of small- and medium-sized businesses in the city.

SoftBank has warned of a writedown of more than ¥1tn ($9.6bn) on investments held outside its huge Vision Fund, as the coronavirus crisis piles new pressure on founder Masayoshi Son’s bet on struggling WeWork, the Financial Times reported. The Japanese technology group’s widened loss forecast, announced on Thursday, came just two weeks after SoftBank flagged a ¥1.8tn blow to its $100bn, Saudi-backed technology fund, underscoring the depth of its exposure to the market turmoil sparked by the pandemic.

Before the coronavirus, investors hungry for returns piled into risky corporate loans and bonds with precious little protection for creditors, Reuters reported. Now they’re frantically scouring the terms to see just what firms can get away with to survive the fallout. At the same time, firms starved of cash and funds thinking about lending to them are also poring over the fine print to see what room they have to shift assets away from other creditors, pay dividends or borrow more while staving off default.

Hontop Energy (Singapore) Pte Ltd, the trading arm of a Shandong-based refiner, is negotiating directly with banks on managing its debts after it withdrew its application for a debt moratorium, two sources with knowledge of the matter said, Reuters reported. Hontop submitted last month a request to the Singapore High Court to apply for a debt moratorium but the company subsequently withdrew it, they said. The company went into receivership in February after Singapore bank DBS, one of Hontop’s creditors, appointed accounting firm KPMG as the receiver.

Virgin Australia Holdings Ltd’s administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly A$7 billion ($4.58 billion), Reuters reported. Administrators from Deloitte Australia were appointed this month to restructure and sell Virgin, making it the Asia-Pacific airline industry’s biggest victim of the coronavirus crisis.

Indonesian banks are looking to the government for additional stimulus measures to cope with a growing pile up of bad loans, as the coronavirus pandemic batters the economy, Bloomberg News reported. The country’s lenders are poised to add at least 556.6 trillion rupiah ($36 billion) of non-performing loans this year amid the unprecedented headwinds from the Covid-19 pandemic, according to PT Bank UOB Indonesia. That will push their soured debt ratio above 5%, from 2.8% at the end of January, the bank estimates.