South Korea’s debt-ridden Daewoo Shipbuilding & Marine Engineering Co., the world’s second biggest shipyard, was thrown a lifeline after creditors agreed to a massive debt-to-equity swap as part of a bailout plan, The Wall Street Journal reported.

China’s shadow banking is back in full swing, an unintended side effect of the government’s campaign against financial leverage, which has curbed traditional lending and squeezed bond financing. Data from the central bank Friday showed that off-balance sheet lending surged 754 billion yuan ($109 billion) in March, taking the first quarter’s total increase to a record 2.05 trillion yuan, Bloomberg News reported.

China's new chief banking regulator has started with a bang, issuing a flurry of new policy directives during his first month aimed at the industry's knottiest problems, in line with the government’s focus this year on managing financial risk, the Financial Times reported. The China Banking Regulatory Commission has issued seven policy documents in the past 12 days, in what state news agency Xinhua is calling a “regulatory windstorm”.

Predicting the evolution of corporate debt cycles is always tricky. In China it’s doubly hard—because there are two cycles in process. Most concern about the speedy rise of credit across China’s economy is focused on the sheer scale of corporate leverage, now close to 166% of GDP, The Wall Street Journal reported. Less noticed is that parallel debt cycles in the public and private sector are running at different speeds.

Potential rescuers of Japan's Takata Corp have extended talks, already in their 14th month, for a deal to take over the air bag maker at the heart of the auto industry's biggest safety recall, people briefed on the process said. Car-parts maker Key Safety Systems Inc (KSS) and Bain Capital LLC are the preferred bidder for Takata, whose faulty air bags have been blamed for at least 16 deaths worldwide, Reuters reported.

Daewoo Shipbuilding & Marine Engineering Co., the world’s largest shipbuilder, won a reprieve from major bondholder National Pension Service and other lenders, helping avert a payment crisis that had threatened to almost shut the company, Bloomberg News reported. The NPS agreed to restructure 1.55 trillion won ($1.4 billion) of bonds issued by the company after the shipbuilder, the Korea Development Bank and Export-Import Bank of Korea took steps to ensure repayment of the debts, the pension service said in a statement April 16.

China’s riskiest corporate bonds are looking disproportionately expensive, a worrying sign that investors may have underestimated their risk as a tighter monetary policy and painful industrial restructuring weaken companies’ ability to repay debt, the International New York Times reported.

President Xi Jinping gathered with his economic mandarins in December for their annual strategy meeting at a heavily guarded government hotel. In closed-door sessions, say people familiar with the confab, he made clear what their mandate was for 2017: He would tolerate no wobbliness in the economy. The communiqué coming out of the session singled out one policy objective in particular—keep the yuan stable.

India’s banks, staggering under the world’s highest bad-asset ratio, may be pushed to wind up or combine with rivals if their capital levels fall below set ratios under new guidelines issued by the country’s central bank, Bloomberg News reported. The new framework would apply to all banks operating in India, including foreign lenders, according to a document posted Thursday on the Reserve Bank of India’s website.

The trustee of Rickmers Maritime said Wednesday that the container ship operator would be winding down its business after failing to reach an agreement with creditors that would allow it to continue operating, The Wall Street Journal reported. Rickmers Trust Management Pte. Ltd.