Essar Steel India Ltd said its board and shareholders have offered to pay 543.89 billion rupees ($7.42 billion) to creditors to settle their claims, allowing the company to exit from a bankruptcy process, Reuters reported. The steelmaker, owned by the billionaire Ruia brothers, is one of a group of companies that are among India’s biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country’s banks.

South Korean has announced a fresh set of measures to boost economic growth and create jobs by offering financial support for smaller companies and a fuel tax cut to spur consumption. The latest measures come as the administration of President Moon Jae-in comes under growing pressure to revitalise a stalled economy and weak jobs market, the Financial Times reported.

The funding squeeze for China’s private enterprise is expected to persist, despite recent measures aimed at easing financing difficulties, adding further pressure on the beleaguered stock market, Bloomberg News reported. Non-state companies have borne the burden of the government’s two-year deleveraging campaign, as the closing down of funding channels boosted the cost of borrowing and sent defaults to a record high.

Lenders to Essar Steel India Ltd., the biggest mill being sold under the nation’s insolvency process, are voting to finalize a bid from ArcelorMittal, people with knowledge of the matter said. Arcelor has offered to make an upfront payment of about 395 billion rupees ($5.4 billion) to the banks, the people said, asking not to be identified because the information is private, Bloomberg News reported. The Luxembourg-based suitor later plans to pay the lenders about 25 billion rupees from Essar Steel’s retained earnings, according to the people.

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.