Varde Partners Inc. and Aditya Birla Capital Ltd. are creating a joint venture to invest as much as $1 billion in distressed assets in India, according to people familiar with the transaction, who asked not to be identified because the information is private, Bloomberg News reported. The U.S. investment firm and Indian financial services provider, helmed by billionaire Kumar Mangalam Birla, are expected to deploy this sum over three years, one of the people said. The venture, which will scout for deals of up to $100 million, may be announced as early as this week, the person said.

Bank of Cyprus has struck a deal to sell a €2.7bn non-performing loan portfolio in a “transformative” deal for the bank that was one of the highest-profile casualties of the eurozone crisis, the Financial Times reported. The agreement to sell the loan portfolio to Apollo Global, the US-based private equity firm, for €1.4bn comes as European banks have ramped up sales of bad loans following pressure from the ECB to clean up balance sheets.

The German government is considering providing emergency financial assistance to Turkey as concerns grow in Berlin that a full-blown economic crisis could destabilize the region, German and European officials said. While the talks are at an early stage and may not result in any aid, the possibilities being discussed range from a coordinated European bailout similar to the kind deployed during the eurozone debt crisis to project-specific loans by state-controlled development banks and bilateral aid, The Wall Street Journal reported.

Noble Group Ltd.’s foes aren’t going away. Less than 24 hours after the commodity trader won shareholder approval for its $3.5 billion debt-for-equity deal, long-standing critic Michael Dee said the revamped company will struggle to recover and shouldn’t be allowed to list shares in Singapore, Bloomberg News reported. “I really don’t believe that we’re going to be in any different situation,” Dee, a former senior managing director at Singapore state investment firm Temasek Holdings Pte, said in a Bloomberg Television interview on Tuesday.

Chinese finance-to-aviation conglomerate HNA on Monday paid the Rmb1bn ($147m) principal on a bond after missing the payment on Friday due to what it said was a glitch in the interbank transfer system, the Financial Times reported. The payment of the bond principal averts the closest call yet for HNA, which delayed or extended debt during a liquidity crisis in the fourth quarter of 2017. It has since sold about $18bn in assets, according to company statements and data from Thomson Reuters. The 270-day bond that came due on Friday was issued during HNA’s tense period last year.

Bohai Steel Group, a debt-stricken state-owned enterprise, has entered bankruptcy proceedings as Tianjin Higher People’s Court accepted its creditor Tianjin Seri Machinery Equipment Corp., Ltd.’s application to reorganize Bohai Steel Group on August 24th, China Money Network reported. The group’s bankruptcy and reorganization process involves 48 businesses located in Tianjin and Hebei province. China Banking and Insurance Regulatory Commission said it will work with Tianjin municipal government to establish a creditors committee.

China’s consumer finance industry is sagging under an intensifying campaign of regulation, Bloomberg News reported. That could be a problem for an economy that’s relying on domestic demand to sustain growth amid the trade war with the U.S. The government has started a fresh round of checks on thousands of peer-to-peer lending sites, Bloomberg News reported last week. Meanwhile, shares of U.S.-listed cash-loan provider Qudian Inc. fell 12 percent on Friday after a separate Bloomberg report that it would lose access to customers through Ant Financial’s Alipay app.

An Indian court rejected a plea by the nation’s power producers to exempt generators from central bank’s rules on repaying loans, according to the Independent Power Producers Association of India.

Indian billionaire Gautam Adani’s energy unit is nearing a deal to acquire a 1,370-megawatt thermal power plant backed by GMR Infrastructure Ltd., according to people with knowledge of the matter. Adani Power Ltd. will take over about 38 billion rupees ($543 million) of loans out of a total of 58 billion rupees that GMR Chhattisgarh Energy Ltd. owes, said the people, who asked not to be identified because the information is private, Bloomberg News reported. Adani Power will also assume non-funded liabilities of about 14 billion rupees, the people said.

Noble Group Ltd won approval from shareholders on Monday for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia’s biggest commodity trader, Reuters reported. Faced with the prospect of the company’s insolvency, shareholders reluctantly backed a debt-for-equity swap that will leave them owning just 20 percent of the business, while handing majority control to a group of creditors comprised mainly of hedge funds.