China’s HNA is selling down its prized airline holdings, a strategy reversal that underlines the scale of its struggle to pare its debt burden, the Financial Times reported. The sale on Wednesday of budget carrier HK Express to Hong Kong flag carrier Cathay Pacific comes as problems grow for the finance-to-aviation conglomerate, once among China’s most globally acquisitive companies. In the past two years HNA has sold more than $40bn in assets to trim a debt pile twice that size.

The latest ructions in Turkish money markets are prompting fears that the country could be heading for another serious bout of currency weakness, echoing last summer’s lira crisis that has left deep scars on the economy, the Financial Times reported. Foreign investors were effectively frozen out of selling the lira on Wednesday after the overnight offshore swap rate more than tripled to 1,200 per cent, with analysts saying banks had been ordered not to lend to foreign counterparties — a claim that the Turkish Banking Association has denied.

There’s plenty of bad debt to go around for investors in distressed assets in China. The question is how to extract value from them. For years, Chinese banks shoveled nonperforming loans to asset managers set up by the government, which sought to get back what they could while warehousing what was irrecoverable. Now, as commercial lenders try to shift record amounts of soured loans off their books, these assets are finding a home outside the state-sanctioned bad debt managers, a Bloomberg View reported.

Embattled Singapore water treatment company Hyflux Ltd.’s survival is looking shakier as disagreements with its rescuer deepen, Bloomberg News reported. Hyflux said in a filing that it disputes certain assertions by SM Investments, the consortium of Indonesian businessmen that had agreed last year to take a majority stake in the firm. At the same time, SM Investments is disagreeing with some terms of the restructuring plan put forward by Hyflux, the filing shows. The disputes heighten the drama of the catastrophic slump of the once-vaunted water and power company.

Alibaba Group Holding Ltd. may get its cheapest dollar-denominated syndicated loan ever as it negotiates with banks to amend terms of its existing $4 billion borrowing, Bloomberg News reported. The Chinese Internet giant wants to cut the interest margin of the facility that it signed in May 2016 by 25 basis points to 85 basis points over Libor, said people familiar with the matter. That would be the cheapest rate ever for Alibaba, Bloomberg-compiled data show. It’s also the lowest margin among outstanding loans of local peers Tencent Holdings Ltd. and Baidu Inc, according to the data.

Emotions are running high among some Hyflux Ltd. retail investors who stand to lose almost everything in the collapse of Singapore’s once much vaunted water-treatment company, Bloomberg News reported. The frustration has prompted some of them to organize a protest on March 30 over a steep haircut imposed by the company under its S$2.8 billion ($2.1 billion) debt restructuring plan. The Business Times published a letter from a reader calling on Singapore to nationalize the plant, saying Hyflux may be worth as much as a commodity trader that got government support in 2014.

Dire warnings about the risks from China’s debt build-up have existed for nearly a decade though the crisis that many expect has yet to arrive. But with the world’s second-biggest economy growing at its weakest pace since 1990 and US tariffs adding pressure, investors are still nervous, the Financial Times reported. “Most countries that permit rapid credit expansions face financial crises or a sharp slowdown in the economy as risks in the financial system emerge,” says Logan Wright, director of China markets research at research provider Rhodium Group.

China’s most prominent development bank has been noticeably low-profile lately, a Bloomberg View reported. For the last decade, the 16 trillion yuan ($2.39 trillion) China Development Bank, and its less-muscular cousins Agricultural Development Bank of China Ltd. and Export-Import Bank of China, were on the forefront of every major stimulus push. In 2008, CDB financed the 4 trillion yuan spending pledge by the Ministry of Finance, its former controlling shareholder.

Cracks are showing in Southeast Asia’s credit markets as struggling companies in troubled industries seek to repair their balance sheets, according to Rajah & Tann Singapore LLP, which manages the largest network of corporate lawyers in the region, Bloomberg News reported. The law firm, which has handled local units of Lehman Brothers Holdings Inc. and MF Global Inc. in their bankruptcy cases, said a slowing Chinese economy and more risk aversion among alternative capital providers will make it more challenging for some companies to meet maturing obligations.

Malaysian billionaire T. Ananda Krishnan’s Bumi Armada Bhd. is nearing an agreement for a loan of around $500 million, people with knowledge of the matter said, in a deal that will give the embattled energy firm more time to restructure, Bloomberg News reported. Banks are finalizing details of a five-year credit facility, according to the people, who asked not to be identified because the information is private. The funds will be used to refinance existing debt that matures in May and for working capital, one of the people said.