Thomas Cook’s German tour business filed for insolvency on Wednesday in a move aimed at separating its brands and operations from its failed parent, and said it was in talks with potential new investors, Reuters reported. The German government said it was considering an application for a bridging loan from Thomas Cook Germany, a day after it said it would guarantee a 380 million euro ($418 million) bridging loan for the British group’s German airline, Condor.

Slovenia’s Adria Airways has cancelled almost all of its flights for Tuesday and Wednesday, potentially affecting around 3,700 passengers, because it has been unable to access cash to continue flying, it said on Tuesday, Reuters reported. “The company is at this point intensively searching for solutions in cooperation with a potential investor. The goal of everyone involved is to make Adria Airways fly again,” it said in a statement.

The head of Germany’s business lobby has called on the government to give up its balanced budget rule and take on new debt, joining a growing chorus of economists and politicians demanding a rethink of Berlin’s mantra of no new borrowing, the Financial Times reported. Dieter Kempf, head of the BDI, told the Financial Times it was time to put the rule “on the back burner”, especially in light of the country’s crying need for big investments in education and digital infrastructure.

Metro Bank’s share price plunged by a third to a record low after a failed attempt to raise £200m, prompting speculation from analysts and rivals that the challenger bank could be forced into a sale, the Financial Times reported. The lender had to pull a bond sale on Monday after a lack of investor interest, despite offering an unusually high interest rate of 7.5 per cent. However, its advisers insisted on Tuesday that it would be able to raise the new debt after it issues its third-quarter results next month.

Three major Russian companies have tapped the Eurobond market this month and more are expected to join them, capitalising on lower borrowing costs as global central banks cut rates, Reuters reported. After the summer lull, Russian companies stepped up activity on the Eurobond market and raised $1.6 billion in Eurobonds in the first three weeks of September. Russia’s steelmaker Severstal, petrochemicals company Sibur, and pipe producer Chelpipe launched dollar-denominated Eurobonds. Eurobond issuance has been supported by a flurry of global central bank policy easings.

In a related story, Reuters reported that Germany will guarantee a 380 million euro ($418.6 million) bridging loan for Condor, the German airline owned by insolvent British travel operator Thomas Cook, to enable it to continue flying and save jobs, the economy minister said on Tuesday. The airline, which is profitable, had said on Monday it would carry on its operations and that it would ask the German government for a bridging loan despite its parent company’s collapse. It is a separate legal entity from Thomas Cook.

The British government has ordered a probe into the role of Thomas Cook Group Plc management in the collapse of the 178-year-old tour operator, which cost thousands of jobs and left people stranded across Europe, Bloomberg News reported. Business Secretary Andrea Leadsom asked the state Insolvency Service to investigate the responsibility of the company’s directors and whether any action they took may have “caused detriment” to lenders or pension schemes. The government also has expressed concerns about bonus payments.

A disorderly Brexit or a permanent loss of corporation tax revenue could leave the Republic as one of the most indebted countries in the world well into the next decade, a new report from the Central Bank warns, The Irish Times reported. In the economic letter – Debt and Uncertainty: Managing Risks to the Public Finances – the authors argue that a hit to corporation tax revenues or a troubled UK exit from the European Union could result in the State’s level of debt remaining above 90 per cent of national income “well into the middle of the next decade”.

Commodities trader Trafigura has joined a group of lenders to provide a $1 billion loan backed by future oil sales to Chinese independent refiner, Shandong Qingyuan, in a deal which underscores the opening up of China to trading houses, Reuters reported. Chinese banks have scaled down lending due to an economic slowdown, creating an opportunity for trading houses to step in, just as they had after the 2008-2009 financial crisis when risk appetite fell as bank regulation increased.

Lending standards in the rapidly growing loan market are deteriorating and complex financial products that mask risks to banks have parallels with the run-up to the 2008 financial crisis, the Bank for International Settlements warned on Sunday, Reuters reported. The number of collateralized loan obligations (CLOs), a form of securitization which pools bank loans to companies, has ballooned in recent years as investors hunt for higher returns by buying into loans to lower-rated and riskier companies. Like the collateralized debt obligations (CDOs) that bundled U.S.