Virgin Australia Holdings Ltd said on Tuesday it has entered voluntary administration to recapitalize the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load, Reuters reported. Deloitte has been appointed as the administrator, Virgin said in a statement, after the airline was unable to secure a A$1.4 billion ($887.60 million) loan from the federal government.

Bankers are increasingly reluctant to give commodity traders in Asia the credit they need to survive as the lenders grow ever more fearful about the risk of a catastrophic default, Bloomberg News reported. Their anxiety has reached new heights in recent days as fabled Singapore oil trader Hin Leong Trading (Pte.) Ltd. struggles to repay debts said to amount to almost $4 billion. And that’s just weeks after another commodities firm in the city-state, Agritrade International Pte, collapsed after a unit defaulted on its loans.

India’s central bank announced new measures to encourage lending to the country’s cash-starved borrowers by injecting $6.5 billion into the banking system, ordering lenders to freeze dividends and easing rules on bad loans, Bloomberg News reported. In another effort to strengthen the financial system’s response to the coronavirus-fueled slowdown, Reserve Bank of India Governor Shaktikanta Das said the central bank will provide 500 billion rupees ($6.5 billion) in a new round of Targeted Long-Term Repo Operations.

Virgin Australia Holdings Ltd. has been offered a A$200 million ($127 million) lifeline from the Queensland government less than 24 hours after Australia’s Deputy Prime Minister all but ruled out nationalizing the embattled carrier, Bloomberg News reported. The funding is conditional on the Federal government coordinating a response involving all states and territories.

Turkish banks are hitting back at criticism from President Recep Tayyip Erdogan that they’re not supporting the economy by appealing to their regulator to smooth tensions with the government, Bloomberg News reported. Lenders not owned by the state highlighted their efforts to help restructure troubled loans during talks on Tuesday with Mehmet Ali Akben, the head of the banking regulator, according to a copy of the minutes seen by Bloomberg News.

Indonesia will expand tax incentives it currently gives to some manufacturing industries to cover 11 more sectors to prevent “massive bankruptcy” due to the impact of the coronavirus pandemic, officials said on Friday, Reuters reported. Governments around the world have provided stimulus measures to alleviate the threat to their economies from the widespread travel curbs and shutdowns of schools and businesses that have been triggered by the rapid spread of the novel coronavirus.

HSBC, ABN Amro and Société Générale are among a group of banks owed almost $4bn by Hin Leong, the Singapore oil trader scrambling to restructure its finances as a brutal downturn hits energy markets, the Financial Times reported. The privately owned company, which is controlled by self-made billionaire Lim Oon Kuin, entered talks with its lenders this week about a standstill agreement, said people with knowledge of the situation. It is also exploring a potential rescue deal with Chinese state-run oil company Sinopec, the people said.

The coronavirus pandemic has forced 217 listed Japanese companies to warn of lower profits and sales in the coming year, an increase of 35% from less than a week ago, researcher Teikoku Databank said, Bloomberg News reported. All told, the forecast revisions represent 1.74 trillion yen ($16 billion) in lost sales, the firm said on Thursday. Japan’s earnings season for the fiscal year and quarter ending in March usually goes into full swing in late April.

The beleaguered HNA Group Co. has pulled off an escape from a domestic bond default after a hastily arranged creditor meeting that caused a stir in China’s investment community, Bloomberg News reported. The heavily indebted Chinese conglomerate said Wednesday it has garnered enough support from bondholders for a proposal to extend by one year the maturity of a 390 million yuan ($55 million) 7.1% note that originally comes due Wednesday, according to a company filing.

China’s $3 trillion trust industry, a key alternative source of funds for weaker companies, risks sending shock waves through the nation’s financial system with defaults among its investment products predicted to double this year under the strains of the coronavirus outbreak, Bloomberg News reported. The once fast-growing pocket of shadow banking in China has 5.4 trillion yuan ($766 billion) in trust offerings coming due this year, high-yield products backed by loans that are sold to banks, institutional investors and wealthy individuals.