Wall Street bankers gorged on fees from HNA Group Co. as they helped the debt-laden Chinese conglomerate clinch $55 billion of acquisitions around the world. They’re set for another bonanza as the company offloads some of those same purchases to stave off a liquidity crisis, Bloomberg News reported. HNA doled out as much as $200 million in advisory fees during a three-year investment spree, according to Freeman & Co.

Yildiz Holding AS, the global sweets company owned by Turkey’s richest man, said it’s in talks with banks to consolidate loans in its home country and to refinance the debt to keep the company’s growth path intact, Bloomberg News reported. Yildiz Holding met with lenders following preliminary 2017 earnings and 2018 projections, it said in an emailed statement after Bloomberg reported it was seeking to restructure debt with 10 banks.

The norms for fast track insolvency proceedings have been tweaked wherein both fair value and liquidation value need to be assessed for the entity concerned. Under fast track mode, the resolution process is to be completed in 90 days, moneycontrol.com reported. The Insolvency and Bankruptcy Board of India (IBBI) has amended the Fast Track Insolvency Resolution Process for Corporate Persons. The board has already revised the norms pertaining to insolvency resolution process for corporate persons. Under this category, the proceedings have to be completed within a maximum of 270 days.

S&P Global Inc. plans to offer its ratings services in the Chinese domestic bond market, with an eye on buying a majority stake in a local agency or setting up a new entity there to do so, its chief financial officer said. The world’s largest credit rater’s plan to assess the yuan-denominated bonds of Chinese firms follows the People’s Bank of China’s decision last year to allow international ratings companies to set up their own businesses in the nation, according to CFO Ewout Steenbergen, Bloomberg News reported.

Alibaba Group Holding Ltd. has agreed to buy a stake in Dalian Wanda Group Co.’s cinema operator as billionaire Wang Jianlin’s real estate-to-entertainment conglomerate turns to another Chinese tech giant and a government-backed company for investments totaling about 7.8 billion yuan ($1.2 billion), Bloomberg News reported. Alibaba is to pay 4.68 billion yuan for a 7.66 percent stake in Wanda Film Holding Co., making the e-commerce giant the second-biggest shareholder, Wanda Film said Monday in a regulatory filing.

In another relief for debt-laden Reliance Communications, Mumbai-based Smartphone has withdrawn a petition seeking insolvency of the company filed before the National Company Law Tribunal (NCLT), The Hindu Business Line reported. The petition, filed under Insolvency and Bankruptcy Code (IBC), was withdrawn on Friday. Smartphone is a wholesale dealer of batteries and had supplied to telcos, including RCom. The Mumbai NCLT bench — comprising MK Shrawat and BP Mohan — disposed of Smartphone petition as ‘withdrawn’.

China's Alibaba became the biggest shareholder in India's leading online grocer BigBasket after a $300-million funding round, stepping up its rivalry with Amazon in the country, the International New York Times reported on a Reuters story. Alibaba invested $146 million in the grocer, subscribing to compulsorily convertible preference shares, BigBasket said in a filing to Indian regulators.

A rare event in a corner of China’s credit market is fueling concern that more defaults are looming, adding to strains sparked by the government’s crackdown on leverage, Bloomberg News reported. A timber company in the country’s northeast decided this week not to pay off perpetual bonds despite having an option to do so. That was a first for a junk-rated issuer of such securities in China. Firms that raise money with perpetuals never have to pay off the principal, in theory.

China’s Great Fire Sale looks set to take off. HNA Group Co., the indebted Chinese aviation-to-hotels conglomerate, told creditors it will seek to sell about 100 billion yuan ($16 billion) in assets in the first half of the year to repay debts and stave off a liquidity crunch, according to people familiar with the matter, who asked not to be identified because the discussions were private, Bloomberg News reported. Under the proposal, about 80 percent of that would be executed in the second quarter, according to the people.

Noble Group Ltd. responded to criticisms by one of its biggest shareholders about the embattled commodity trader’s conduct, and defended the debt rescue plan that’s set to hand management a bigger stake than equity investors, Bloomberg News reported. Abu Dhabi-based Goldilocks Investment Co. wrote to the Singapore Exchange Ltd. this week requesting an investigation into Noble’s directors and management, according to a copy of the letter seen by Bloomberg.