Turkey is planning to limit the amount of time companies in trouble can be shielded from debt repayments, a welcome step for the nation’s banks facing a wave of debt restructuring requests after last year’s recession, Bloomberg News reported. The Treasury and Finance Ministry is working on the necessary regulatory changes to lower the so-called concordat period from the current ceiling of 23 months. The period will be capped at six months to a year, the person said, asking not to be identified as the plan has yet to be made public.

The latest bond failure by a Chinese local government investment arm has rekindled concerns about a group of borrowers whose outlook is closely tied to Beijing’s shifting definition of its implicit backing, Bloomberg News reported. The debt woes faced by Hohhot Economic & Technological Development Zone Investment Development Group, a local government financing vehicle from Inner Mongolia, have sent chills among investors holding other such LGFV bonds, driving prices sharply lower for some.

Prime minister Shinzo Abe has launched Japan’s first fiscal stimulus since 2016 with a larger-than-expected ¥13.2tn ($121bn) package to repair typhoon damage, upgrade infrastructure and invest in new technologies, the Financial Times reported. Described as a “15-month budget”, the spending package is one of the largest since the 2008-09 financial crisis as Japan seeks to fend off weakness in the global economy, drag from a recent rise in consumption tax and the risk of a slowdown after next summer’s Tokyo Olympics.

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.