Vijay Mallya, the fugitive Indian tycoon fighting multiple cases in the U.K. after defaulting on loans, lost a bid to avoid extradition to his home country where he faces charges of fraud and money laundering, Bloomberg News reported. Judge Emma Arbuthnot ruled against Mallya at a hearing in London Monday, largely rejecting Mallya’s arguments that the case was politically motivated. "I do not accept the courts in India are there to do what the politicians tell them what to do," Arbuthnot told a packed courtroom.

“Everybody has a bankruptcy story,” says Cem Sari, who’s just lived through his own version, in a year that turned into a national trauma. Turkey’s economy roared into 2018 with growth rates that were the envy of the world—and vulnerabilities that had been building over years, Bloomberg News reported. It was like a car that could still reach high speeds, so long as the driver ignored the multiple warning lights flashing on the dashboard. And then it crashed, suffering a classic run on its currency and a brutal credit crunch.

Talk about shutting the stable door after the horse has bolted. The looming insolvency of once-mighty commodities trader Noble Group Ltd. is an overdue reckoning for a company that has long sailed close to the wind, a Bloomberg View reported. More than that, though, it’s a black mark against the city-state where it’s been listed since 1997: Singapore. Noble has spent the past year squirming through an attempted restructuring to keep it from bankruptcy, hampered by its money-losing operating business and years of squandered trust.

Flows to India’s money funds hit a three-month high in November as calm returned to the credit market recently roiled by a rare debt default, Bloomberg News reported. Investors poured a net 1.4 trillion rupees ($20 billion) into liquid plans in November, industry data show. The inflow is the highest since August, a month before the funds suffered the worst outflows since at least 2007 amid defaults at the IL&FS Group. “Worries after that credit event are abating and people are returning to money markets,” N.S.

Noble Group Ltd. is preparing for an insolvency filing after Singaporean regulators blocked a key element of its $3.5 billion debt restructuring, according to people familiar with the matter. The company is considering what’s known as a "pre-pack" administration, a procedure that allows for a debt restructuring in court through a pre-agreed plan with creditors, one of the people said, asking not to be identified because the talks are private, Bloomberg News reported.

Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday. Executives of the airlines met State Bank of India officials in recent days to discuss Jet's cash flow and business plan, two of the people said, the International New York Times reported on a Reuters story. One said Jet has outstanding dues of about $400 million (314.29 million pounds), mainly owed to lessors and vendors.

Fitch Ratings has downgraded Sri Lanka's long-term foreign-currency issuer default rating, citing political upheaval that has resulted in the country having no functional government, the International New York Times reported on an Associated Press story. Fitch says it lowered the country's rating to B from B plus with a stable outlook, reflecting heightened external financing risks, uncertain policy outlook and a slowdown in fiscal consolidation.

A representative of a mysterious Chinese oil company was convicted Wednesday on charges that he tried to bribe government leaders in Africa in a case that put foreign officials on the stand to discuss deals, some of which were hatched in the hallways at the United Nations, the International New York Times reported. The federal trial of Patrick Ho put a spotlight on the methods that a once fast-growing oil company, CEFC China, used to expand its reach from Asia to Africa, Europe and the United States. Mr.

China will encourage “zombie” firms that still retain “business value” to restructure and woo strategic investors to cut debt to reasonable levels, the state planner said on Tuesday. As part of its efforts to curb soaring corporate debt and tackle price-sapping capacity gluts in sectors such as steel and coal, China has promised to improve bankruptcy procedures and allow vast numbers of loss-making “zombie” companies to close, Reuters reported.

Etihad Airways is holding talks with Jet Airways Ltd and its bankers on a rescue plan for the debt-laden Indian carrier, two sources aware of the matter told Reuters. Executives from Etihad and Jet have met some of the airline's bankers in Mumbai in recent days to discuss ways to address its cash flow issues and evaluate the carrier's future business plan, the sources said.