Indian retailer Future Group on Tuesday challenged its own lenders in the Supreme Court to avoid facing insolvency proceedings over missing payments, citing its dispute with partner Amazon.com Inc , according to a legal filing reviewed by Reuters. Future, the country's second-largest retailer, has since 2020 failed to complete its $3.4 billion retail asset sale to a rival due to a row with Amazon, which argues the Indian group violated certain non-compete contractual terms the two sides had. Future denies any wrongdoing.

Chinese developer Yuzhou Group Holdings Co. said that it won’t pay off two dollar bonds due this week, meaning some events of default will occur, as builders continue to struggle meeting debt payments, Bloomberg News reported. The company earlier this month offered to swap the notes for new debt, and investors exchanged most of their holdings. There’s $104.9 million of combined principal remaining, Yuzhou said in a Monday stock exchange filing, and it’s opting not to pay that while planning to relaunch the exchange offer this week.

Turkish Finance Minister Nureddin Nebati told economists he expects the inflation rate to peak at about 40% in the months ahead and not to surpass 50% this year, Bloomberg News reported. Nebati provided his most detailed outlook yet for consumer prices in 2022 during a meeting with 60 economists and analysts on Saturday in Istanbul. The minister said the inflation rate may not fall below 30% until the end of the year. Turkey’s inflation rate hit 36.1% in December, the highest since the beginning of President Recep Tayyip Erdogan’s 19-year rule.

Some Turkish manufacturing companies have halted production temporarily after Iran cut gas flows last week for up to 10 days due to a technical problem, Reuters reported. Companies affected include car parts maker Ege Endustri , cardboard manufacturer Kartonsan and defence and automotive parts maker Katmerciler. Turkey is almost fully dependent on imported gas from Russia, Azerbaijan and Iran, which suspended gas flows to the country last Thursday, saying there was a technical fault at a pressure-boosting station in Turkey.

Future Retail Ltd. isn’t in a position to make a payment on 35 billion rupees ($471 million) of past-due debt before the grace period expires and will also miss an upcoming $14 million bond coupon deadline, Bloomberg News reported. Its dollar bond fell following the news, suffering its biggest decline in about three weeks on Friday. Embroiled in a legal dispute with Amazon.com Inc. that has damaged its ability to raise funds, the Mumbai-based retailer is coming up against two key milestones that will test creditors’ faith after its onshore debt was restructured during the pandemic.

The provincial government leading China Evergrande Group's restructuring wants to separate the company's offshore assets and sell them to pay off foreign debt, a media report said on Friday, in a boost to foreign lenders' hopes of recouping funds, Reuters reported. Financial intelligence provider REDD said on Friday that the provincial government in Guangdong, where Evergrande is based, aimed to release a framework debt restructuring plan by March that could also wipe out the 60% stake of the group's chairman.

China Aoyuan Group Ltd. was downgraded to restricted default by Fitch Ratings two days after the Chinese developer flagged its intention to renege on debt obligations, Bloomberg News reported. Aoyuan hasn’t provided further information to the rating agency beyond its announcement that it won’t make payments on four dollar bonds, which would trigger defaults on all other offshore debt, Fitch said in a statement Friday. Earlier in the day, Moody’s also withdrew its ratings on the builder citing insufficient information.

Country Garden Holdings Co. is raising HK$3.9 billion ($500 million) from the sale of convertible bonds, a show of strength by the embattled property giant after a report last week that it was struggling to issue debt, Bloomberg News reported. The fundraising announcement from China’s largest developer by sales helped boost its dollar bonds on Friday, extending a massive rally that saw its 2024 note rise to 94 cents on the dollar from Monday’s record closing low of 70 cents, according to Bloomberg-compiled prices.

Perry Lam felt confident that his business had weathered the worst of the pandemic. Several rounds of bar closures in Hong Kong had dimmed the city’s vibrant nightlife, threatening to destroy his brewery. But things seemed better late last year. After the government’s relentless effort to stamp out the virus, there were no local infections, bars began ordering kegs of his lager again and money was coming in. “You saw the silver lining,” said Mr. Lam.

In a major relief to IT firm HCL Technologies, the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against it on a plea filed by a creditor, the India Tribune reported. A two-member NCLAT Bench, while admitting the petition filed by HCL Tech MD and CEO C Vijayakumar stayed the National Company Law Tribunal (NCLT) order of January 17, 2022, to initiate insolvency against the IT major.