Since surviving an IMF bailout and violent change of government during the Asian financial crisis, Indonesia has shown an uncanny resilience in bouncing back from global selloffs, Bloomberg News reported in a commentary. As soon as the dust settles, investors are lured by higher yields and the promise of a young and vibrant population. Foreigners now own more than 30% of the country’s sovereign debt. This time, they may not return. The key reason is the pile of debt at state-owned enterprises that President Joko Widodo, known as Jokowi, has built up since taking office in 2014.

Singapore-based ZenRock Commodities Trading Pte Ltd, hit by tumbling oil prices and the coronavirus pandemic, owes more than $600 million to creditors, the company said in a court filing seen by Reuters on Monday. In the application for “moratorium relief”, a form of bankruptcy protection, filed last Wednesday, the company said it owed at least six banks a total of $166.1 million and had outstanding balances of about $449 million in total with at least 10 unsecured creditors, Reuters reported. ZenRock did not immediately respond to a request for comment.

Indonesia is finalizing a $1 billion financial bailout plan for its flag carrier to help it stave off a debt default after the coronavirus crisis forced the airline to ground most of its planes.

Asian governments have turbocharged their issuance of dollar bonds as they seek to fortify their balance sheets and fund relief efforts during the coronavirus pandemic, the Financial Times reported. Sovereigns, supranationals and government agencies in the region, excluding Japan, raised $18.7bn in dollar bonds in April, their fastest rate in 10 years, according to Dealogic data. Asian governments have issued more than $30bn in dollar bonds in 2020 so far, double the total in the same period last year.

Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters.

HSBC Holdings Plc alleged Singapore oil trader ZenRock Commodities Trading Pte Ltd. was involved in a series of “highly dishonest transactions” that included the company using the same cargo of oil to obtain more than one loan from banks, according to court documents seen by Bloomberg, Bloomberg News reported. Europe’s biggest lender filed an application to Singapore’s High Court on May 4 to put ZenRock under so-called judicial management, a form of debt restructuring in which a third party runs the company.

HSBC Holdings Plc, already on the hook for $600 million in loans to fallen Singapore oil giant Hin Leong, has taken steps to oust the management at another energy firm, claiming it used the same cargo to secure financing from multiple banks, Bloomberg News reported. Europe’s biggest lender filed an application to Singapore’s High Court on May 4 to put ZenRock Commodities Trading Pte Ltd. under so-called judicial management, a form of debt restructuring in which a third party runs the company, according to people with knowledge of the matter.

A rally in Indian shares lost steam on Tuesday as banking stocks slid after a report warned of stress among lenders, at a time when millions of borrowers face losses in income amid a coronavirus lockdown, Reuters reported. The NSE Nifty 50 index, up more than 1.5% on Tuesday morning, closed 0.95% lower at 9,205.60. The S&P BSE Sensex fell 0.83% to 31,453.51. The easing of coronavirus lockdowns helped boost Indian markets, but the optimism began to fade as banking stocks cratered. The top four drags to the Nifty 50 were lenders.

With China’s economy in free fall and millions of small businesses running low on cash, the online lending platform backed by billionaire Jack Ma entered crisis mode, Bloomberg News reported. It was mid-February, near the peak of China’s coronavirus outbreak, and MYbank had to decide whether to reduce its exposure or keep doling out loans. After a two-day marathon of calls and emails from self-isolation, the firm’s executives agreed with 25 partner banks on a potentially risky strategy: cut interest rates and turn on the credit taps like never before.

With plenty of Hong Kong companies on their last legs, landlords, suppliers and other creditors are eager to collect on unpaid bills, Bloomberg News reported. For three months, there’s been no relief: the court that presides over failing businesses has been effectively closed. Now, with the court scheduled to resume Monday, lawyers and restructuring experts are expecting a flood of unhappy lenders to ask for a forced liquidation of hundreds of small- and medium-sized businesses in the city.