A company connected to an advisory firm to the family of businessman Sean Quinn is allegedly behind the “cash extraction” of some $15 million (€12.26 million) from an Indian company in a number of bogus transactions, it has been claimed at the Commercial Court, the Irish Times reported. The alleged extraction is part of a scheme designed to put $455 million in Quinn group assets beyond the reach of Irish Bank Resolution Corporation (IBRC), it is claimed.

Noble Group Ltd. said it remains in talks with “potential strategic parties” after people familiar with the matter said a Chinese conglomerate had made an approach to shareholders amid attempts to restructure the troubled commodity trader’s $3.5 billion in debt, Bloomberg News reported. Cedar Holdings Group, the largest private company in Guangzhou province, has expressed interest in buying control of Noble Group, the people said, without giving any details of the approach and asking not to be identified because the information is confidential.

Australia’s largest sandalwood forest company, Quintis Ltd, has called in administrators after one of its bondholders forced the firm to pay out A$37 million ($30 million), a spokesman for the administrators, KordaMentha, said on Monday. Quintis has been trying to raise new financing over the past nine months, but none of the recapitalisation strategies, including a buyout by the company’s former managing director, have reached completion, Reuters reported. Bondholder Asia Pacific Investments DAC, connected with U.S.

Westinghouse Electric Co LLC, Toshiba Corp's nuclear services business, has made an agreement with its creditors that will clear the company's path out of bankruptcy, according to three people familiar with the matter. The deal will divvy up cash from the $4.6 billion proposed sale of Westinghouse to Brookfield Business Partners, an affiliate of Canada's Brookfield Asset Management, the International New York Times reported on a Reuters story.

Dalian Wanda Group has agreed to sell its interests in the high-profile London luxury development project, One Nine Elms, for 59 million pounds, the latest in a string of asset sales that underscore financial strains hitting the Chinese conglomerate, the International New York Times reported on a Reuters story. The conglomerate, which has businesses that range from real estate to football and cinemas, had initially said it wanted to transfer ownership of some its overseas assets to its holding company as part of a restructuring, keeping them within the group.

India’s $207 billion bad loan pile could get worse, Bloomberg News reported. Delinquencies are rising in the affordable housing sector, a pet project for Prime Minister Narendra Modi that’s touted as a main growth driver for Asia’s third-largest economy. Most of these were loans below 200,000 rupees ($3,100) made to some of the poorest Indians, whose incomes are now under threat as economic expansion slows. "Loan defaults have been the largest and are rising in the smaller ticket sizes, creating our own subprime class," said Nilanjan Karfa, analyst at Jefferies India Pvt.

A unit of HNA Group Co. sought more time to complete the arrangement of a second bridge loan it took to finance a luxury real-estate development in Hong Kong as the Chinese conglomerate juggles its borrowings following a debt-fueled acquisition spree, Bloomberg News reported. Hong Kong International Investment Group Co. needs “extra time” and the loan has been extended for six months through July 15, it said in an emailed statement on Monday.

That 2017 suffered from more than its fair share of natural catastrophes was known at the time. In the wake of Hurricane Harvey, the streets of Houston, Texas, were submerged under brown floodwater; Hurricane Irma razed buildings to the ground on some Caribbean islands. That the destruction was great enough for insurance losses to reach record levels has only just been confirmed. According to figures released on January 4th by Munich Re, a reinsurer, global, inflation-adjusted insured catastrophe losses reached an all-time high of $135bn in 2017, The Economist reported.

Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure, the International New York Times reported on a Reuters story. The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported in November.

India is likely to consider expanding its bankruptcy law to include cross-border insolvency, which helps lenders tap defaulters' assets overseas, as a top panel at the Insolvency and Bankruptcy Board of India (IBBI) meets Thursday to help strengthen the framework dedicated toward recovering bad loans, the Economic Times reported. "Cross-border insolvency is on top of the agenda. The authorities are keen to make that happen as there is no provision under the Insolvency and Bankruptcy Code (IBC) for it," an executive privy to the matter told ET.