Japan’s long-suffering regional banks face the biggest threat to their survival since the 1990s post-bubble malaise as the coronavirus hammers their few remaining profit drivers, Bloomberg News reported. Analysts and investors are predicting some local lenders will eventually be delisted or bailed out by the government as bad loans climb and investment income evaporates in the wake of the crisis.

The collapse of one of Singapore’s biggest oil traders has raised the prospect of a severe liquidity crunch in the city-state’s under-pressure commodities sector, threatening a wave of defaults and bankruptcies, the Financial Times reported. Investors and analysts warn that banks are likely to cut their exposure to the industry after heavily indebted oil trader Hin Leong Trading filed for bankruptcy protection.

In the second week of April, deep into India’s initial 21-day lockdown to curtail the spread of the coronavirus, senior officials at Bajaj Finance Ltd. held a conference call, Bloomberg News reported. The prognosis wasn’t good. In just 10 days the keystone shadow lender had lost 350,000 customers and almost 50 billion rupees ($651 million) in assets under management. Small and medium enterprises were under strain and it was considering setting aside money for losses in case large borrowers went under.

India’s banks are freezing credit lines to shadow lenders as the coronavirus crisis shuts down commerce in Asia’s third-largest economy, but leaving this sector in the lurch risks wider financial contagion, Reuters reported. All major state-owned and private banks have stopped lending to non-banking financial companies (NBFCs) due to concerns about their financial health as businesses they lend to reel from the impact of the pandemic, four industry executives, who asked not to be named due to the sensitivity of the situation, told Reuters.

China’s painful economic shutdown was expected to have put the world’s second-largest bond market on course for a third straight record year of defaults. But it’s not panning out that way, Bloomberg News reported. The 30.4 billion yuan ($4.3 billion) worth of debt that’s gone sour so far this year in the $4.5 trillion onshore corporate bond market marks a sharp 21% drop from the pace in 2019, according to data compiled by Bloomberg.

Virgin Australia Holdings Ltd said on Tuesday it has entered voluntary administration to recapitalize the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load, Reuters reported. Deloitte has been appointed as the administrator, Virgin said in a statement, after the airline was unable to secure a A$1.4 billion ($887.60 million) loan from the federal government.

Bankers are increasingly reluctant to give commodity traders in Asia the credit they need to survive as the lenders grow ever more fearful about the risk of a catastrophic default, Bloomberg News reported. Their anxiety has reached new heights in recent days as fabled Singapore oil trader Hin Leong Trading (Pte.) Ltd. struggles to repay debts said to amount to almost $4 billion. And that’s just weeks after another commodities firm in the city-state, Agritrade International Pte, collapsed after a unit defaulted on its loans.

India’s central bank announced new measures to encourage lending to the country’s cash-starved borrowers by injecting $6.5 billion into the banking system, ordering lenders to freeze dividends and easing rules on bad loans, Bloomberg News reported. In another effort to strengthen the financial system’s response to the coronavirus-fueled slowdown, Reserve Bank of India Governor Shaktikanta Das said the central bank will provide 500 billion rupees ($6.5 billion) in a new round of Targeted Long-Term Repo Operations.

Virgin Australia Holdings Ltd. has been offered a A$200 million ($127 million) lifeline from the Queensland government less than 24 hours after Australia’s Deputy Prime Minister all but ruled out nationalizing the embattled carrier, Bloomberg News reported. The funding is conditional on the Federal government coordinating a response involving all states and territories.

Turkish banks are hitting back at criticism from President Recep Tayyip Erdogan that they’re not supporting the economy by appealing to their regulator to smooth tensions with the government, Bloomberg News reported. Lenders not owned by the state highlighted their efforts to help restructure troubled loans during talks on Tuesday with Mehmet Ali Akben, the head of the banking regulator, according to a copy of the minutes seen by Bloomberg News.