Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as resolution experts look to find a potential buyer, Reuters reported. In a regulatory filing, bankruptcy resolution firm Grant Thornton said Jet’s lenders had also approved the eligibility criteria for potential buyers. The filing did not say how much interim funding had been approved, but a source familiar with the matter told Reuters the lenders had agreed to provide $10 million.

Japan’s Akebono Brake Industry Co Ltd said on Thursday it will receive about $185 million from a corporate turnaround fund to help restructure its money-losing business, sending its shares sharply higher, Reuters reported. The supplier of brakes to General Motors Co, which makes up about a quarter of Akebono’s sales, and other automakers said it would issue new shares worth 20 billion yen ($185 million) to Japan Industrial Solutions. Shares of Akebono soared as much as 43% to 166 yen on the Tokyo Stock Exchange, before closing up 8%.

Care Ratings Ltd. has put its chief on leave pending a probe into an anonymous complaint received by the nation’s markets regulator, adding to the troubles for India’s credit assessment industry, Bloomberg News reported. Care’s board placed Chief Executive Officer Rajesh Mokashi on leave, the company said in an exchange filing Wednesday evening. Earlier this month, the local unit of Moody’s Investors Service sent its managing director on leave amid an inquiry into a controversial rating decision.

Loans to Venezuela from President Nicolas Maduro’s allies Russia and China would be renegotiated though the Paris Club if Maduro leaves power, an advisor to the opposition said on Wednesday, responding to concerns about favourable treatment for the two countries, Reuters reported. Ricardo Hausmann, who represents opposition leader Juan Guaido at the Inter-American Development Bank (IADB), said Guaido’s team has not determined how loans might be restructured under its governance because bilateral debt talks typically take place under the auspices of the Paris Club creditor group.

The National Company Law Appellate Tribunal (NCLAT)RWednesday directed IDBI Bank, the lead lender of debt-ridden Jaypee Infratech, to file an affidavit listing out new terms and conditions if a fresh round of bidding is conducted, Business Standard reported. A two-member bench headed by Chairman Justice S J Mukhopadhaya has asked IDBI Bank to file an affidavit by Friday in this regard. The appellate tribunal has listed the matter for next hearing on Monday. "Counsel appearing for lenders is allowed to file new terms and conditions in case fresh bidding takes place," the bench said.

Cyril Amarchand Mangaldas is the largest law firm in India, and is well equipped to manage the Jet Airways project, given some of its recent assignment. In 2017, the law firm was called upon to help with the divestment of Indian public sector airline carrier Air India, alongside EY and Rothschild, Consultancy.in reported. The firm will now help the State Bank of India (SBI) with resolving the situation at Jet Airways, after the creditor made the decision to begin the insolvency process for the airline.

The National Company Law Appellate Tribunal (NCLAT) Wednesday directed IDBI Bank, the lead lender of debt-ridden Jaypee Infratech, to file an affidavit listing out new terms and conditions if a fresh round of bidding is conducted, Business Standard reported. A two-member bench headed by Chairman Justice S J Mukhopadhaya has asked IDBI Bank to file an affidavit by Friday in this regard. The appellate tribunal has listed the matter for next hearing on Monday. "Counsel appearing for lenders is allowed to file new terms and conditions in case fresh bidding takes place," the bench said.

In a big relief for banks, the government is bringing in multiple reforms to the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors, to be applicable retrospectively; strict timelines for the resolution and litigation process; and powers of the committee of creditors (CoC) Business Standard reported. Lenders and legal experts say that the amendments, especially regarding the treatment of operational creditors, will help end the uncertainty around recovery for the financial creditors of Essar Steel.

The family that controls Apollo Hospitals Enterprise Ltd., India’s largest private hospital chain, is looking to sell assets or bring an outside investor into their holding company to pay down debt, Bloomberg News reported. The aim is to reduce the Apollo shares pledged by the family as collateral to lenders, to 20% of their total holding in the company from about 78% now, said Suneeta Reddy, Apollo’s managing director and one of the four daughters of founder Prathap Reddy. The Reddy family owns about 34% of Apollo’s stock.

The wild ride in an Indonesia textile maker’s dollar bonds is putting a spotlight on the risks that Asia junk bond buyers are taking, Bloomberg News reported. Four months after a subsidiary of Indonesia’s Duniatex Group sold a $300 million bond, attracting over $1 billion of orders, that bond has plummeted, losing nearly 70 cents on the dollar this week. The stunning fall, prompted by a missed loan payment by another group subsidiary, has shocked bond investors.