The world’s policy makers must act urgently if they are to head off a looming solvency crisis that could cripple economies after the pandemic, according to a report led by two top former central bankers, Bloomberg News reported. Mario Draghi, previously president of the European Central Bank, and Raghuram Rajan, the ex-governor of the Reserve Bank of India, headed a Group of 30 study that looked at the response to the crisis.

Struggling Finnish retailer Stockmann plans to sell and lease back its flagship department store properties located in Helsinki, Tallinn and Riga in order to save itself from bankruptcy, it said on Monday, Reuters reported. In April, Stockmann filed for corporate restructuring, a form of administration in which a court appointee is charged with restructuring the company to avoid bankruptcy.

The parties in Germany’s ruling coalition have agreed to extend a freeze on insolvency rules put in place to avoid a wave of corporate bankruptcies due to the coronavirus crisis, officials said on Monday, Reuters reported. In March, the government offered respite to companies that find themselves in financial trouble due to the pandemic by allowing them to delay filing for bankruptcy until the end of September. The coalition parties later agreed to extend the insolvency waiver until the end of this year for indebted but still solvent companies.

Germany has promised to investigate after the head of the body that regulates auditors told lawmakers he had traded in Wirecard shares weeks before the payment services company collapsed amid massive fraud allegations, Reuters reported. As head of audit regulator APAS, Ralf Bose was responsible for regulating EY, which audited Wirecard’s accounts for years until the company collapsed following the discovery of a 1.9 billion euro ($2.3 billion) hole in its accounts.

Only 10 British banks have signed up to an industry-wide plan for collecting unpaid emergency COVID-19 loans, with more than a dozen including HSBC considering going it alone, sources told Reuters. UK Finance is setting up a central body to co-ordinate collecting unpaid loans to help its members cope with a forecast surge in defaults and to protect individual lenders from allegations of unfair treatment of customers, Reuters reported.

Authentic Brands is plotting a double takeover of collapsed department store chain Debenhams and Topshop-owner Arcadia Group, The Daily Telegraph newspaper reported on Saturday, citing sources, Reuters reported. Authentic Brands, owner of the New York department store brand Barneys, is in talks this weekend with the administrators of both stricken companies, the newspaper reported. The companies did not respond to a request for comment on Saturday. Mike Ashley’s Frasers Group said on Monday it was in negotiations to buy Debenhams from administrators in a rescue deal.

Nordic Aviation Capital is the first large aircraft leasing company to be engaged in a corporate restructuring due to Covid-19, ICLG.com reported. A world-leading aircraft leasing company, Nordic Aviation serves 75 airlines in over 50 countries. On 20 August, the company released a press statement announcing the appointment of a new CEO, Patrick de Castelbajac.

Portugal expects airline TAP will need around 2 billion euros ($2.4 billion) in extra funds with state guarantees to cover its financing needs until 2024 under a restructuring plan, Reuters reported. Flag carrier TAP asked for state aid in April after suspending almost all of its 2,500 weekly flights at the height of the coronavirus crisis, which hit airlines globally. The overhaul plan, which needs European Commission approval, was submitted on Thursday and envisages TAP would need to cut around 2,000 jobs by 2022 and introduce pay cuts of up to 25%.

Insolvencies among UK high street companies have ricocheted to investors who made private loans to them, highlighting the limits of central bank interventions that staved off a string of defaults in the public debt market, the Financial Times reported.

Mike Ashley’s Frasers Group Plc is getting closer to a deal to rescue part of the ailing Debenhams department-store chain, according to people familiar with the situation, Bloomberg News reported. The owner of the House of Fraser and Sports Direct chains is in negotiations to buy the 242-year-old Debenhams brand and website and to take on a substantial number of stores, said the people, who asked not to be identified because the information is private.