Indian drugmaker Wockhardt is proving there is life after debt restructuring. After defaulting on $110 million in overseas bonds in 2009 and renegotiating payment on 13 billion rupees in loans, the generics maker is nearly free from a sometimes bitter process of debt recast and is enjoying a furious stock rally, Reuters reported. While Wockhardt's imminent emergence from India's corporate debt restructuring (CDR) system is widely seen as a turnaround success, it comes as the central bank pushes for tighter rules around the process as more companies take advantage of it.

Elpida Memory Inc . bondholders have filed a bankruptcy exit plan that values the company at $3.85 billion, well over the price rival Micron Technology Inc . has offered to pay for the distressed chip maker, Dow Jones Daily Bankruptcy Review reported. Bankruptcy trustees overseeing Elpida's restructuring agreed to Micron's $2.5 billion offer. Micron's bid is expected to be embodied in a bankruptcy exit plan the trustees will file next week in Tokyo District Court.

Shareholders of troubled timber firm Sino-Forest Corp. would receive nothing under a proposed restructuring plan that would transfer remaining assets to creditors, thestar.com reported. A once-mighty company with a market capitalization of $6 billion, Sino Forest is now in tatters as its former executives face fraud accusations that include overstating assets and sales in China. Sino-Forest says it is owed $887.4 million from authorized intermediaries, who operated on its behalf in China.

The government will likely suffer from a tax revenue shortfall this year as many businesses struggle to make profits due to plunging exports and sluggish domestic demand as a result of the global economic downturn, The Korea Times reported. Many salaried workers and self-employed people have seen their income shrink in the wake of the tight job market and other unfavorable economic conditions, making it difficult for state collectors to levy as much tax as they did last year.

In 2009, a flood of loans saved the day for China's economy. Now, there is barely a trickle, The Wall Street Journal Heard on the Street blog reported. New loans in July slid 41% month on month to 540.1 billion yuan ($84.9 billion). One reason: a new dynamic in China's banking system from wealth-management products, which offer a higher return than bank deposits. Fitch Ratings estimates about 10.4 trillion yuan was in WMPs at the end of June, equal to 11.5% of bank-sector deposits.

Concerns about China's economy intensified Friday on signs that attempts to kick-start growth aren't working and new evidence of weakness in the export sector, putting pressure on Beijing to move more aggressively, The Wall Street Journal reported. New loans by China's banks fell to 540.1 billion yuan ($85.1 billion) in July, down from 919.8 billion yuan in June, and the lowest level since September 2011, despite efforts by the central bank to make it easier to lend. Export growth also disappointed. July exports were up just 1% from a year ago, slowing from June's 11.3% pace.

In 2009, a flood of loans saved the day for China's economy. Now, there is barely a trickle, The Wall Street Journal Heard on the Street blog reported. New loans in July slid 41% month on month to 540.1 billion yuan ($84.9 billion). One reason: a new dynamic in China's banking system from wealth-management products, which offer a higher return than bank deposits. Fitch Ratings estimates about 10.4 trillion yuan was in WMPs at the end of June, equal to 11.5% of bank-sector deposits.

The Korean corporate sector has gone into restructuring mode to cope with the worsening global economic downturn, selling assets to secure much-needed cash, and slimming down organizations to reduce operating costs, The Korea Times reported. But if things go from bad to worse, businesses are widely expected to implement a full-scale overhaul, that would send tens of thousands of workers onto the street as seen in the wake of the 1997-98 Asian financial crisis.

The Tasmanian timber company Gunns has rejected reports an insolvency firm has been inspecting its books, ABC News reported. Gunns says it has hired the firm KordaMentha to provide advice on the sale of some of it woodchip processing assets. Newspaper reports claim the insolvency specialists were appointed by lender ANZ to examine Gunns' finances. Gunns has revealed an $800 million devaluation of a range of assets because of a fall in global woodchip process, leaving its balance sheet in the red.

A light is shining at the end of the tunnel for Indian telecom tower company GTL Infrastructure. After a drawn-out restructuring process, GTL is close to finalizing a cashless exchange offer with holders of its US$228.3m foreign currency convertible bonds, Reuters reported on an International Financing Review story. Bondholders have approved a restructuring proposal tabled by GTL's advisers Houlihan Lokey and Avista Advisory, leaving a resolution likely before mid-September if the Reserve Bank of India approves it.