Investors are bracing for trouble at Turkey’s banks as some of the nation’s biggest conglomerates struggle to repay their debts, Bloomberg News reported. The Borsa Istanbul Banks Index, which comprises 13 lenders, underperformed the Borsa Istanbul 100 by 20 percent over the past year. Valuations dropped to a nine-year low in November, and have remained there. The banks index trades at 4.9 times estimated earnings, compared with 7.6 times for the broader market.

Richard Elman, the founder and largest shareholder of Noble Group Ltd., is pushing the embattled commodities trader’s creditors for a new restructuring deal, according to people familiar with the matter, casting fresh doubt on the survival of the company, Bloomberg News reported. Noble needs the support of at least half of the shareholders that vote in a special meeting for a $3.5 billion debt-for-equity restructuring plan that will all but wipe out existing equity investors. If shareholders reject the deal, the company plans to file for insolvency in London.

South Korea on Friday urged General Motors Co’s local subsidiary and labor union to reach a wage deal swiftly, saying the government will be able to discuss support for the money-losing unit on condition of an agreement. GM, which in February announced it would shut one of its South Korean factories, said it will file for bankruptcy should the union refuse to make concessions by April 20, Reuters reported. GM has also asked for financial support from the government.

Singapore Exchange’s regulatory arm on Thursday asked Noble Group’s senior creditors to assess the beleaguered commodity trader’s restructuring plans to “ensure parity in the treatment of all shareholders,” Reuters reported. The Singapore-listed trader is seeking a $3.4 billion debt restructuring which is critical for its survival. While it has the support of senior creditors holding 55 percent its debt for the restructuring deal, it is still short of the required 75 percent amid opposition from some bondholders and shareholders.

Debt-laden Reliance Communications Ltd (RCom) said on Thursday India’s Supreme Court had lifted a high court stay on sale of some of its assets and allowed its secured lenders to proceed with the sale process, Reuters reported. The top court also directed the company and its secured lenders to file an appeal before the National Company Law Appellate Tribunal (NCLAT) on a stay granted by an arbitration court on the sale of RCom’s tower and fibre assets.

Creditors are pushing for liquidation of Alok Industries Ltd. and Jyoti Structures Ltd. -- which together owe about 380 billion rupees ($5.8 billion) -- as they aren’t happy with bids for the debt-laden companies, said people familiar with the matter, Bloomberg News reported. The only binding bid for textile firm Alok is one from Reliance Industries Ltd. and JM Financial ARC, which offers a price that’s too low for the lenders, the people said, asking not to be named as the information is private. They didn’t provide further details. Alok owes 299 billion rupees, according to official data.

Nearly a third of the companies have defaulted on the loans they have taken from the Council of Scientific and Industrial Research (CSIR). These loans were extended on “easy terms” towards developing new technologies, and to encourage start-ups, The Hindu reported. They were awarded as part of an ongoing scheme since 2001, according to a response by Union Minister for Science and Technology Harsh Vardhan to a question in the Lok Sabha.

UTAC Holdings Ltd., the Singapore-based chip testing firm backed by Affinity Equity Partners and TPG, is exploring options for a sale of its business after completing a bond restructuring, people with knowledge of the matter said. The company met potential advisers in recent weeks to discuss options that could include an initial public offering or sale, according to the people, Bloomberg News reported. Its owners could seek a valuation of about $1 billion including debt from any exit, the people said, asking not to be identified because the information is private.

Billionaire Lakshmi Mittal’s ArcelorMittal will on Wednesday challenge in court the legitimacy of a bid for Essar Steel India Ltd. by a group led by VTB Capital, intensifying the battle for the biggest industry asset yet to be sold under a new bankruptcy law, Bloomberg News reported. Mittal’s steelmaker has several reasons to question the eligibility of the VTB-led Numetal Ltd. group, including that Aurora Enterprises was part of the consortium at the time of an initial round of bidding, Brian Aranha, an executive president at ArcelorMittal, said in an interview in Mumbai.

The Insolvency and Bankruptcy Board of India has tightened the entry barriers for insolvency professionals by bringing in a new set of austere amendments with effect from April 1 which will ensure that only seasoned professionals are allowed to function, The Economic Times reported. With these measures, a bunch of 76 home-grown insolvency professional entities (IPEs), a kind of boutique firm, are now staring at a better prospect over their peers.