Having just signed a deal with Middle Eastern suitor Utico FZC, crisis-hit Hyflux Ltd. is facing a fresh challenge -- how to allocate S$40 million ($29 million) of fees among restructuring advisers, Bloomberg News reported. The Singapore water treatment company needs to get its advisers to agree on how to split the pot, or Utico has the right to walk away, according to the deal terms. The problem was discussed in a court hearing in Singapore on Friday. Lawyers and consultants have been working for more than 1 1/2 years on Hyflux, the nation’s most high-profile debt restructuring.

The Reserve Bank of India has filed an application to begin bankruptcy proceedings against shadow lender Dewan Housing Finance Corporation Ltd (DHFL), it said here on Friday, Reuters reported. DHFL, once one of India’s top shadow lenders, owes its creditors - which include mutual funds, banks, pension funds, insurance firms and retail investors - close to 1 trillion rupees ($13.93 billion). The country’s shadow banking sector, a key source of credit to millions, has been plagued by a credit crunch triggered by the collapse of lending major IL&FS last year.

The Mumbai Bench of the National Company Law Tribunal has directed the Department of Telecommunications not to cancel or terminate the telecom license and spectrum granted to Aircel Ltd, Bloomberg Quint reported. Aircel, which had telecom license and spectrum in nine telecom circles, is undergoing insolvency resolution process. It had filed a voluntary insolvency petition in March 2018 citing operational difficulties and owes around Rs 27,000 crore to its creditors and vendors.

Turkey’s BDDK banking watchdog changed loan classification regulations so that banks are able to remove from their books “Group 5” classified non-performing loans (NPL), marking another step to clean up bad debt from last year’s currency crisis, Reuters reported. The regulatory change was published in Turkey’s Official Gazette on Wednesday. The move “allows Turkish banks to remove Group 5 non-performing loans from their NPL books should the borrower default and there be no possibility of recovery for the foreseeable future,” said Seker Invest, an investment firm.

Troubled banks in China are struggling to raise funds as concerns over the health of the financial system grow and confidence in state-led bailouts falters. China’s banking system is facing its greatest challenge in nearly 20 years after years of runaway growth and mounting bad debt levels, which have topped 40 per cent of loans at some small lenders, the Financial Times reported.

Troubled Singapore water treatment firm Hyflux Ltd. has entered a restructuring deal with Middle Eastern utility Utico FZC. Under the agreement, Hyflux will get investment totaling S$400 million ($293 million) from Utico, according to an exchange filing, Yahoo! Finance reported on a Bloomberg News story. The pact caps drawn out negotiations between the two companies. Hyflux, Singapore’s highest profile debt restructuring, had been looking for a white knight investor after a deal with Indonesian consortium SM Investments fell through in April.

Icon Offshore Bhd has received the nod from its shareholders to move forward with its debt restructuring and cash call proposal, which will greatly help reduce the debt burden that has eaten into the company's earnings, The Edge reported. Icon's second largest shareholder, Urusharta Jamaah Sdn Bhd, which owns an 8.8% stake in the group, indicated at the group's extraordinary general meeting (EGM) today to support the cash call to raise up to RM250 million, the bulk of which will be used to reduce the group's debt and gearing.

A major Chinese commodity trader looks poised to become the most high-profile state-owned enterprise to default in the dollar bond market in over two decades, Bloomberg News reported. In a fresh sign that Beijing is more willing to allow failures in the politically sensitive SOE sector, Tewoo Group has offered an unprecedented debt restructuring plan that entails deep losses for investors or a swap for new bonds with significantly lower returns. Tianjin-based Tewoo Group Co.

The Supreme Court ruling in Essar Steel matter is a "watershed moment" for the insolvency jurisprudence and takes away excuses of parties to halt resolution process midway, according to IBBI Chairperson M S Sahoo, Business Standard reported. The Insolvency and Bankruptcy Code, 2016 envisages closure of a corporate insolvency resolution process (CIRP) in a time-bound manner.

The government plans to amend the Insolvency and Bankruptcy Code (IBC) to provide immunity to companies taking over stressed assets from prosecution for financial crimes committed by erstwhile promoters, Firstpost reported. This will help make the insolvency process more attractive for the bidders and instill confidence in them, sources said. This will help make the insolvency process more attractive for the bidders and instill confidence in them, sources said.