Azerbaijan's mid-sized lender Bank Standard has been declared bankrupt, the Azeri Deposit Insurance Fund said on Thursday, Reuters reported. The bank's license was revoked from Oct. 1 and the fund operated as its liquidator. The fund received 460 million manats ($288 million) in state credits from the central bank on Tuesday in order to give compensation to those clients who had insured deposits at Bank Standard. Read more. (Subscription required.)

A Singapore court on Thursday appointed financial advisory firm KPMG as judicial manager for Swiber Holdings Ltd, allowing the troubled oilfield services firm to be kept under a process through which it could be nursed back to health, Reuters reported. Swiber applied in July to place itself under judicial management. It had initially filed for liquidation as it faced hundreds of million of dollars in debt and a decline in orders following a drop in global oil prices.

The oil price rebound has come too late with another firm in the offshore sector joining the debt restructuring frenzy amid the most brutal industry downturn in 30 years, The Straits Times reported. Singapore-listed rig and vessel chartering group Swissco Holdings said yesterday that it is seeking to restructure $100 million worth of bonds, including a $2.85 million coupon payment due on Oct 16.

The collapsed Hanjin Shipping Co Ltd could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a South Korean parliamentary hearing on Tuesday, Reuters reported. The world's seventh-largest container shipper sought court receivership in late August after its creditors led by a state bank halted further support, stranding $14 billion in cargo and sending waves through global trade networks. "Hanjin Shipping lost the game of chicken played among large shippers," Hanjin Group chairman Cho Yang-ho told the hearing.

Hanjin isn’t the only player in the ocean shipping world that has become insolvent, Global Trade reported. Rickmers Maritime Trust (RMT), a Singapore-listed owner of containerships has become the latest casualty in a growing list of containership owners with toxic vessel assets that are unable to generate sufficient funds to pay their outstanding debt obligations.

Danish conglomerate A.P. Møller-Mærsk A/S isn’t likely to move to buy either Hyundai Merchant Marine Co. or Hanjin Shipping Co. contrary to industry speculation that it would take over either one or both of the troubled Korean cargo ship operators, according to people familiar with the matter, The Wall Street Journal reported. Instead, the company is likely to wait for other distressed operators to seek buyout deals as they try to avoid bankruptcy, the people said.

Mongolia has requested a rescue loan from the International Monetary Fund as it battles to plug the gap in its public finances while keeping its giant neighbour, China, at arm’s length, the Financial Times reported. The central Asian nation submitted a formal request for financial assistance from the fund to support its economy and address balance of payments pressures, the IMF said on Friday. A team from the IMF will visit Ulan Bator, Mongolia’s capital, for discussions with the government.

Fushun Special Steel said on Friday a court is reviewing an application from creditors for a bankruptcy restructuring of parent Dongbei Special Steel Group Co Ltd., Reuters reported. Fushun Special Steel said in a statement on the Shanghai stock exchange website that its own operations and capital flows were normal. State-owned steelmaker Dongbei Special Steel, an unlisted company, owns 35.22 percent of Fushun.

Overseas graduates declaring themselves penniless are among the 483 debtors whose $18 million in students loans have been wiped by bankruptcies, Stuff.co.nz reported. Inland Revenue has revealed the latest figures as the amount owed by student loan defaulters tips over the $1 billion mark. The 10 biggest overseas debtors owe more than $300,000 each. Some are dying in debt. Ministry of Education figures show that, in the year to June 2015, $19m of student loan debt was written off because of the death of the borrower. That compared with $16m written off because of bankruptcy.

A tax amnesty program launched by Indonesia to bring home money stashed overseas by wealthy individuals has attracted 135.4 trillion rupiah (US$10.5 billion) in asset repatriation since July, the government said Friday, The Wall Street Journal reported. The announcement came at the end of the final day of the most generous terms, as low as 2% penalties, offered to those participating in the tax program, which will continue for six months.