Eurozone governments’ borrowing has rocketed to fund their response to the coronavirus pandemic, reigniting longstanding calls for the European Central Bank to ease debt burdens by forgiving sovereign bonds it owns, the Financial Times reported. The proposal was floated by academic economists as an answer to the single currency area’s last debt crisis in 2012. Senior Italian officials have recently stirred up the idea once more, suggesting the ECB could forgive debt bought through its asset purchase programme or swap it for perpetual bonds, which are never repaid.

Norwegian Air was given additional creditor protection by a court in Norway on Tuesday on top of that granted by an Irish judge on Monday, allowing the cash-strapped airline’s restructuring efforts to continue, Reuters reported. “A supplementary reconstruction process under Norwegian law will be to the benefit of all parties and will increase the likelihood of a successful result,” Chief Executive Jacob Schram said. Norwegian said it could now move forward with the dual-track process.

The Pound to Euro (GBP/EUR) exchange rate plummeted by -1% today, with the pairing currently fluctuating around €1.096, Future Currency Forecast reported. The Pound (GBP) fell today following comments from the European Union’s Chief Negotiator, Michel Barnier, who outlined a ‘very gloomy’ assessment of trade negotiations between the two sides.

The Commercial Court is being asked to set aside the purported transfer of assets by businessman Alistair Tidey to his wife, Jane. The action has been brought by the deputy official assignee in bankruptcy arising out of purported transfers between the couple, one of which was described as a “sham” designed to put assets beyond the reach of Mr Tidey’s creditors, The Irish Times reported. The case was admitted to the fast-track Commercial Court list on Monday.

Mike Ashley’s Frasers Group said it is in negotiations to buy collapsed department store chain Debenhams from administrators in a rescue deal, which would further extend the retail billionaire’s reach in the British high street, Reuters reported. Frasers, formerly Sports Direct, said that it hoped a deal could be agreed and jobs at Debenhams saved after the COVID-19 pandemic sunk its business, but cautioned that the transaction was complicated and talks needed to take place quickly. A former shareholder in Debenhams, Ashley’s Frasers Group has long-been linked to its rescue.

Ireland’s High Court on Monday granted creditor protection to Norwegian Air and its Irish subsidiaries, allowing the Oslo-based airline more time to restructure its massive debt, Reuters reported. Norwegian last month asked the court to begin a so-called examinership legal process as the carrier seeks to stave off collapse amid the coronavirus pandemic. The judge said he had agreed to protection of Oslo-based Norwegian Air as well as its Irish subsidiaries as the survival of each was dependent on the survival of the other.

German perfume retailer Douglas is preparing for a financial restructuring in 2021 as the COVID-19 pandemic hits its business and its debt nears maturity, two people familiar with the matter said, Reuters reported. Once the important Christmas season is over, the company will kick off talks with its creditors on options including a refinancing, a deal to amend and extend maturities or a debt-for-equity swap, the sources said. Douglas’ outstanding loans and bonds mature from February 2022. In total, the company’s net debt stood at 2.1 billion euros ($2.5 billion) as of June 2020.

Losses at Ted Baker, the upmarket UK fashion brand, have ballooned during the pandemic as it was forced into heavy discounting to offset the slump in sales, the Financial Times reported. The chain, which this year launched a turnround after a series of profit warnings, on Monday said pre-tax losses almost quadrupled, increasing more than £63m to £86m in the six months ending August. Sales over the period dropped 46 per cent year on year to £170m.

Billionaire Mike Ashley and advisers to Debenhams are in talks about a takeover deal that could value the troubled U.K. retailer at more than 200 million pounds ($269 million)…Bloomberg News reported. If the deal goes through, Ashley’s Frasers Group would operate Debenhams’ 124 stores under 12-month licenses and could save up to 12,000 jobs, according to the newspaper. The valuation would depend on how much stock is left.

Norwegian Air, which has filed for bankruptcy protection in Ireland, has reported a 95 per cent collapse in passenger numbers in November, The Irish Times reported. The troubled carrier said 124,481 customers flew with it last month as travel restricions across Europe continued to decimate air travel. The airline is flying just six of its aircraft, as the pandemic has grounded the remaining 134. “The pandemic continues to have a negative impact on our business as travel restrictions remain,” chief executive Jacob Schram said.