Satellite operator Intelsat SA said late on Wednesday that it filed for Chapter 11 bankruptcy protection, making it the latest casualty of severe business disruptions caused by the COVID-19 pandemic, Reuters reported. The company listed assets and liabilities in the range of $10 billion to $50 billion, according to a filing in the U.S. Bankruptcy Court for the Eastern District of Virginia. Intelsat also said it had received $1 billion in debtor-in-possession financing.

Europe’s biggest banks expressed different views of how the economy will fare in the fallout from the coronavirus, making for widely varying expectations of how much of their loan books will go bad, Bloomberg News reported. Deutsche Bank AG and France’s Societe Generale SA gave the rosiest estimates of the eurozone economy among the continent’s biggest banks, while Italy’s UniCredit SpA was the most pessimistic.

Thyssenkrupp AG warned losses could surge in the third quarter due to the coronavirus crisis, further eating into cash from a multibillion-euro elevator sale that was meant to fund a turnaround, Bloomberg News reported. The engineering conglomerate said it could lose 1 billion euros ($1.08 billion) this quarter after its net after-tax loss widened about 40% to 1.31 billion euros in the six months through March. That helped push net debt to 7.55 billion euros, a figure likely to rise as the pandemic hurts the global economy.

A financial scandal has swept through London and the United Arab Emirates, centered on allegations of fraud at the two core companies of the Abu Dhabi-based tycoon Bavaguthu Raghuram Shetty, Bloomberg News reported. Both NMC Health Plc and Finablr Plc have had their shares suspended in London, with NMC losing its place in the FTSE 100 index of leading U.K.-listed companies.

The UK agency tasked with unwinding Carillion is preparing to sue KPMG for £250m over alleged negligence in its audits of the outsourcing group that collapsed in 2018, the Financial Times reported. The significant claim will be the latest blow to the Big Four accounting firm, which is also under investigation by regulators for its work on Carillion. It is expected to be the first time that liquidators working for the British government have attempted to sue a large audit firm to recoup losses from a major insolvency.

Italian industrial production fell almost 30% as companies were crippled by a near total lockdown on the economy caused by the coronavirus pandemic, Bloomberg News reported. Production fell 28.4% in March from the previous month, national statistics bureau Istat said Monday. Production of machinery and equipment, one of Italy’s main exports, weighed the most on the overall figure with a 39.7% decline. Textiles plunged 51%. Italy, one of the original epicenters of the virus in Europe, began a regional lockdown in late February before expanding to the whole country in early March.

Deutsche Bank AG is offering a subordinated bond to boost its capital ratio as the bank girds itself for the deepest recession in almost a century.

Plastic car parts maker Novares went into temporary receivership at the end of April, one of the first big French firms to seek protection from creditors due to the coronavirus crisis, despite government bailout schemes and loan guarantees, Reuters reported. Novares, whose sales have collapsed as a result of the coronavirus pandemic, said on Monday it had taken the step after struggling to find a rapid agreement with its banks and shareholders and solve a coronavirus-related cash crunch.

Retail and property chiefs have warned that the government’s business bailout package of reliefs, grants and loans will not be sufficient to stop the “imminent collapse of many businesses,” the Financial Times reported. In a letter to small business minister Paul Scully and chancellor Rishi Sunak, the British Retail Consortium said the crisis “facing parts of the retail sector . . . must be addressed urgently ahead of the June quarter [rent] day”. The letter was also signed by the British Property Federation and Revo, which represents the top shopping centre owners.

Christine Lagarde, president of the European Central Bank, has implored eurozone governments to come up with a more powerful common fiscal response to the economic slump caused by coronavirus, warning of the dangers of divergence between the bloc’s members, the Financial Times reported. Addressing the State of the Union conference, organised by the European University Institute in Florence, on Friday, Ms Lagarde said a “common European fiscal response is highly desirable”, adding that it needed to be “swift, sizeable and symmetrical”.