Mitsubishi Heavy Industries is arranging 220 billion yen ($2 billion) in financial support for its aircraft unit, which has struggled to deliver its first passenger plane, national broadcaster NHK reported on Tuesday. Mitsubishi Heavy said in a statement that it was considering ways to resolve excess liabilities at the unit, but added it had not yet made any decisions, Reuters reported.

India’s non-bank financial companies have had a tough few months amid the fallout from defaults by one of their own, conglomerate IL&FS group, Bloomberg News reported. The next few months also present a challenge to the NBFCs, which rely heavily on debt issued to the nation’s money market funds for short-term financing. The financiers must repay about 1.2 trillion rupees ($16.3 billion) of commercial paper in October-December, near a record 1.46 trillion rupees in August-October, according to data from Securities and Exchange Board of India. The timing isn’t ideal.

Corporate debt investors navigating an expanding minefield of bond delinquencies in China are reaching for a hedging tool similar to credit-default swaps that was last used more than two years ago, Bloomberg News reported. Since September, China Bond Insurance Co. and Bank of Hangzhou Co. have sold four instruments called credit risk mitigation warrants, which insure creditors against defaults of the underlying debt. These risk hedging instruments are set to become increasingly popular as bond failures pile up, according to Golden Credit Rating International Co.

Jet Airways India Ltd. has approached banks for a moratorium on loans and asked for fresh funds to ease a cash crunch, according to people with direct knowledge of the matter, adding to signs the carrier is sliding deeper into trouble, Bloomberg News reported. The airline has already grounded about a dozen planes as part of a review of its network aimed at reducing unprofitable domestic routes, said one of the people, who asked not to be identified because the plans aren’t public. The Mumbai-based carrier is also studying laying off more employees in non-core areas, the person said.

The board at India’s Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Monday it has appointed two advisers for assisting them in its debt resolution exercise, Reuters reported. The newly appointed board has chosen advisory firms, Arpwood Capital and JM Financial Consultants, which will provide financial and transaction advisory as well as “undertake valuations across divestments and monetisation”, the company said.

Turkish banking stocks are on course for their worst year in a decade -- and third-quarter earnings reports starting this week will show why, Bloomberg News reported. Spiraling inflation, a surge in interest rates and a plunge in the lira amid tensions with the U.S. are battering the economy. Companies and individuals are finding it harder to repay their loans, causing bad debts to swell and eating into earnings as lenders increase provisions and bolster capital buffers to brace for more defaults.

India made the biggest dent in its foreign-exchange reserves in seven years as the central bank stepped up action to prop up Asia’s worst-performing currency. Reserves dropped by $5.14 billion in the seven days ended Oct. 12, the biggest weekly decline since November 2011, as the Reserve Bank of India sold dollars to shore up the rupee, helping it end a losing streak that extended for six weeks, Bloomberg News reported. Most of the drop in reserves seems to be because of accelerated central bank intervention, according to Kotak Securities Ltd.

The committee of creditors tasked with the resolution process of Essar Steel Ltd. has picked ArcelorMittal as H1 Resolution Applicant, or preferred bidder, for the insolvent asset, Bloomberg Quint reported. The final bid price will be negotiated over the weeks to come, the Luxembourg-based company said in a statement. This comes two weeks after the Supreme Court directed both Numetal Mauritius and ArcelorMittal to pay up past debts to be eligible to bid for insolvent Essar Steel Ltd. Of the two, only one met the Supreme Court directive—ArcelorMittal.

Beijing is trying to kick its habit of using big-ticket infrastructure spending to fuel the economy, a turning point from a growth model that has left many Chinese cities adorned with empty high-rises and underused highways, The Wall Street Journal reported. China bolstered economic growth for decades by pouring trillions of dollars into roads, factories, railroads and more, and doubled down to protect the economy from the global financial crisis of the last decade. Now the torrent has subsided as debt soared and needless projects blossomed.

A high-level panel is likely to recommend a United Nations model for cross-border insolvency cases under the Insolvency and Bankruptcy Code, according to a senior official, The Economic Times reported. The Insolvency Law Committee (ILC) is looking into the discussion paper related to having the UN model for cross-border insolvency matters as well as the comments received on the paper. Under the Code, there are provisions to deal with cross-border insolvency matters.