South Korea said on Wednesday that an impending deal with General Motors to refinance its local unit will ensure the U.S. automaker remains in the country for at least 10 years, as its rights to sell shares and assets will be curtailed, Reuters reported. GM and South Korea reached a preliminary agreement last month to inject $4.35 billion into the loss-making unit to keep it afloat. GM has also announced plans to close one of its four South Korean plants, cut headcount by almost 3,000 and has reached a deal on wages with its workers.

Indian tycoon Vijay Mallya lost a U.K. lawsuit filed by Indian banks seeking to collect more than 1.15 billion pounds ($1.55 billion) amid allegations that he committed massive fraud. Judge Andrew Henshaw in London Tuesday said the lenders, including IDBI Bank Ltd., can enforce an Indian court ruling that relates to allegations that Mallya willfully defaulted on about $1.4 billion in debt for his now-defunct Kingfisher Airlines Ltd, Bloomberg News reported. Henshaw also refused to overturn a worldwide order freezing Mallya’s assets. The 62-year-old is fighting numerous lawsuits in the U.K.

A steep recent slide in Indonesia’s stock markets and currency is rooted in heavy foreign ownership of the country’s government bonds—something officials here have been trying to change. The Indonesian stock market has slid more than 7% in two weeks, while the rupiah has shed 1.4% since mid-April as global investors have pulled funds from emerging markets. The selloff is partly because of ripple effects from Indonesia’s local-currency bond market, which until recently has been a beneficiary of investors’ yearslong search for yield, The Wall Street Journal reported.

Household spending in Japan shrank for the second straight month in March, adding to the case that private consumption may have contracted in the first quarter, the Financial Times reported. Spending fell 0.7 per cent year on year in the third month of 2018, with growth of 0.1 per cent in February revised to a fall of 0.9 per cent. The latest reading also ran counter to expectations, with a median estimate from economists polled by Reuters predicting a rise of 1.1 per cent.

The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. That’s because creditors are afraid to take decisions, Bloomberg News reported. Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the Central Bureau of Investigation has started a preliminary inquiry into an alleged nexus between Videocon Chairman Venugopal Dhoot and the spouse of ICICI Bank Ltd. CEO Chanda Kochhar after ICICI extended credit to the conglomerate.

Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted, The Economic Times reported. The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect of the procedure. A 14-member law committee on the Insolvency and Bankruptcy Code had recommended allowing retraction of applications if 90% of the creditors voted in favour of withdrawal. However, the panel had not specified a time limit for withdrawal of such cases.

India’s Lanco Infratech Ltd said on Thursday a panel of its creditors has not approved an insolvency resolution plan and that its administrator will file for potential liquidation of the company, Reuters reported. Lanco, among 12 of the biggest debt defaulters in India that were pushed to bankruptcy court last year, said in a stock exchange filing bit.ly/2jncWQC that a debt resolution proposal from Thriveni Earthmovers Pvt Ltd had failed to get the minimum 75 percent creditors' vote required for it to get the go ahead before the deadline expires on Friday.

Hindustan Construction Ltd. is headed for its lowest close since June 2016 after its unit Lavasa Corp Ltd. defaulted on repayment to bondholders, Bloomberg News reported. The stock declined 16 percent as of 11:51 a.m. in Mumbai, paring an earlier drop of as much as 24 percent, making it the biggest loser on the S&P BSE 500 Index. The shares have slumped 53 percent this year compared with a 2.9 percent gain for the benchmark Sensex Index.

The committee of creditors of bankrupt Essar Steel Ltd. today discussed eligibility issues with Numetal and ArcelorMittal for bidding for the 10-million steel mill at Hazira, people familiar with the development said. These companies were given time till May 1 by the lenders to give then in writing that they were fit to bid, Bloomberg Quint reported. “The CoC had given them time till Tuesday evening to submit in writing why they are eligible to bid. Today, both the companies gave presentation to the CoC on their eligibility,” said a banker.

General Motors’ planned $3.6 billion cash infusion to rescue its South Korean business will be in the form of loans, while Korea Development Bank (KDB) will receive preference shares for its $750 million investment in GM Korea, two sources familiar with the matter said on Wednesday. The Detroit carmaker and state-run KDB agreed last week on $7.15 billion of investment, including a $2.8 billion debt-for-equity swap for existing loans GM Korea owed to its parent, Reuters reported.