The lenders of Future group companies are likely to take the bankruptcy route as Reliance Retail attaches the stores of the beleaguered retail chain, Fortune India reported. Reliance Retail’s move to terminate the sub-lease of 950 Future group stores has shocked, lenders as it will throw a spanner in their plans to recover around ₹30,000 crore debt from Future group companies. According to sources, some of the banks want to initiate debt recovery proceedings immediately to safeguard their interests.

Japan’s troubled Toshiba Corp. is going into Thursday’s critical shareholder vote on its plan to spin-off its devices business with very long odds, Reuters reported. Its top three shareholders, Effissimo Capital Management, 3D Investment Partners and Farallon Capital Management — all activist shareholders with which Toshiba management has had a contentious history — oppose the plan, as do proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis.

The All India Solar Industries Association (AISIA) has urged the government to intervene amid concerns that solar equipment manufacturing units were operating at 30% capacity due to massive imports by traders from China, The Hindu reported. In a letter to Power Minister R.K.

Indian lenders are set to initiate debt recovery proceedings against Future Retail this week to safeguard their interests after rival Reliance unexpectedly took over some of the retailer's stores, two bankers told Reuters. Future, hit by the pandemic, has been struggling to pay off its debt and is fighting a bitter legal battle with U.S retail giant Amazon. That battle has successfully blocked a $3.4 billion sale of its retail assets to India's largest retailer Reliance, citing violation of certain contracts. Future denies any wrongdoing.

Najib Razak has urged the government to protect Sapura Energy Bhd from bankruptcy by providing loans or instructing Petronas or Khazanah Nasional to take over ownership from Permodalan Nasional Bhd (PNB), Free Malaysia Today reported. The former prime minister was critical of PNB for failing to take action during the tenure of the previous Perikatan Nasional administration on Sapura’s problems and for stopping cash flow assistance. “PNB and the government need to think about the country’s strategic interests.

China’s economy got off to a racing start this year as factories churned out more goods and consumers dug deeper into their wallets, the Wall Street Journal reported. But while industrial output and retail spending in the first two months both blew past analysts’ expectations, a rapidly spreading COVID-19 outbreak and the impact of war in Ukraine threaten an early end to the party, and throw into doubt China’s economic-growth target of around 5.5%.

The long-haul subsidiary of Malaysian tycoons Tony Fernandes and Kamarudin Meranun’s Capital A has completed its debt restructuring, paving the way for the airline to reverse 33 billion ringgit ($7.9 billion) in provisions previously set aside for these liabilities, Forbes reported. “This is another significant step in rebuilding AirAsia X, post pandemic,” AirAsia X CEO Benyamin Ismail said in a statement on Wednesday.

With total exposure of Rs 13,483 crore in insolvent Reliance Infratel, China Development Bank, Export-Import Bank of China, and SC Lowy Asset Management have appealed to the Indian government to speed up the company’s debt resolution procedure, which began in May 2018, Inventiva reported. The lenders voiced their worry in a letter to the Indian finance minister and the Insolvency and Bankruptcy Board of India (IBBI) that despite the strict time frames set forth under the Insolvency and Bankruptcy Code, Reliance Infratel’s debt resolution is still far from complete.