World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increased poverty and a repeat of the disorderly defaults seen in the 1980s, Reuters reported. Malpass said he was pleased by progress made by the Group of 20 major economies on increasing debt transparency and providing debt relief to the poorest countries, but more was needed.

A Chinese court has accepted an application from a creditor of Huachen Automotive Group Holding Co Ltd seeking the restructuring of the parent of BMW AG's joint venture partner Brilliance China Automotive Holdings Ltd, Reuters reported. The Liaoning Shenyang Municipal Intermediate People’s Court accepted the application from GZ Tooling Group Co Ltd, an auto mould supplier, to restructure Huachen after the Liaoning government-owned company failed to pay mould costs and interest worth 10.2 million yuan ($1.55 million), showed a court filing published on Friday.

China’s investigation into the shock bond default by a state-owned coal miner hit shares of its listed underwriters on Friday, while shedding light on the creaking infrastructure of the country’s $4.4 trillion corporate bond market, Reuters reported. Top-rated Yongcheng Coal & Electricity Holding Group defaulted on a 1 billion yuan ($152 million) bond on November 10, stunning investors. Shares of Industrial Bank Co and China Everbright Bank fell in Shanghai on Friday after regulators said the two underwriting banks were suspected of misconduct.

Malaysia Airlines’ parent company has sought financial aid from its sole shareholder, the nation’s sovereign wealth fund, as debt restructuring talks with creditors drag on, the company said on Saturday, Reuters reported. “Malaysia Aviation Group has requested financial support from our shareholder Khazanah Nasional although the company isn’t in a position to comment on amount at this point in time,” it said in an email to Reuters. The group said it remains in talks for a restructuring and that it was targeting a commercial agreement in the first week of December.

China’s central bank remains on course to taper its emergency support even as a string of defaults by government-linked companies sends tremors through the credit markets. Officials have been preparing investors about the possibility of withdrawing some of that stimulus as the economic recovery picks up pace, Bloomberg News reported. While a surge in market interest rates this week following the defaults appears to have complicated that plan, economists say it won’t push the People’s Bank of China off its policy course.

The massive Grocon building empire has collapsed. The company, which is one of the biggest property developers in Australia, went into administration on Friday, saying the construction side of the business was insolvent, Yahoo! News reported. Its chief executive, Daniel Grollo, says he's furious and blamed government agency Infrastructure NSW for its handling of the Central Barangaroo project. "It is unfortunate that INSW is forcing our hand to place the construction business into administration," he said.

Asiana Airline's lead creditor bank called for backing for Korean Air's takeover of the debt-ridden Korean carrier on Thursday in the face of opposition to the plan from some shareholders, Reuters reported. Activist fund KCGI, which is the largest shareholder of Korean Air's parent company Hanjin Kal, said it had filed for a court injunction to prevent it issuing new shares to state-run Korea Development Bank (KDB).

China widened its probe into last week’s shock bond default by a state-owned coal miner, saying on Thursday that three underwriting banks were suspected of misbehavior, Reuters reported. China’s interbank bond market regulator said in a statement it will launch investigations into Industrial Bank Co , China Everbright Bank and Zhongyuan Bank Co, which helped Yongcheng Coal & Electricity Holding Group issue bonds.

In a move aimed at speeding up the liquidation process, the Insolvency and Bankruptcy Board of India amended its regulations to allow a corporate debtor’s asset that is “not readily realisable” to be transferred to a third party in consultation with stakeholders, The Economic Times reported. Creditors can also transfer debt due to them to a third party during the liquidation process to benefit creditors who may not be willing to wait for completion of the process.

Global debt rose at an unprecedented pace in the first nine months of the year as governments and companies embarked on a “debt tsunami” in the face of the coronavirus crisis, according to new research, the Financial Times reported. The pace of debt accumulation will leave the global economy struggling to reduce borrowing in the future without “significant adverse implications for economic activity”, the Institute of International Finance warned on Wednesday.