Shares in Interserve lost more than half their value on Monday after the British support services provider said it was in rescue talks which may hand control of the company to creditors in a bid to avoid a Carillion-style collapse, the International New York Times reported on a Reuters story. The Reading-based outsourcer, which employs 75,000 worldwide and has thousands of UK government contracts to clean hospitals and serve school meals, said on Sunday it would seek to cut its debt to 1.5 times core earnings in talks with lenders it hopes to complete early next year.

Vijay Mallya, the fugitive Indian tycoon fighting multiple cases in the U.K. after defaulting on loans, lost a bid to avoid extradition to his home country where he faces charges of fraud and money laundering, Bloomberg News reported. Judge Emma Arbuthnot ruled against Mallya at a hearing in London Monday, largely rejecting Mallya’s arguments that the case was politically motivated. "I do not accept the courts in India are there to do what the politicians tell them what to do," Arbuthnot told a packed courtroom.

Troubled low-cost African carrier Fastjet Plc warned on Friday it may have to go into administration, shut shop or sell itself as it had only enough cash to keep it in business for another seven days, Reuters reported. The airline, which had a cash balance of $6.8 million as of Thursday, said it might have to formally hire insolvency advisers for the process if its cash balance does not improve.

Monarch Airlines’ collapse last year put at risk £30m of Manchester Airports Group’s earnings, as it hurried to find airlines to fill slots that had brought 2m passengers a year through the UK’s third-busiest airport, the Financial Times reported. MAG has since replaced — or “backfilled” — the 2m passenger capacity previously used by Monarch, chief executive Charlie Cornish said on Thursday. But filling the slots took time, Mr Cornish said, and left the group facing a tricky trading situation.

Noble Group Ltd. is preparing for an insolvency filing after Singaporean regulators blocked a key element of its $3.5 billion debt restructuring, according to people familiar with the matter. The company is considering what’s known as a "pre-pack" administration, a procedure that allows for a debt restructuring in court through a pre-agreed plan with creditors, one of the people said, asking not to be identified because the talks are private, Bloomberg News reported.

Britain’s aviation authority said it would take action to force Ryanair to pay compensation to customers affected by strikes held by its staff this summer, The Irish Times reported. The UK’s Civil Aviation Authority said in a statement on Wednesday that the strikes were not exempt from EU rules on compensation and it had started enforcement action against the airline. Ryanair has suffered a number of strikes this year by cabin crew and pilots, forcing it to cancel hundreds of flights, after the airline recognised unions for the first time in 2017.

Investors are fleeing from Thomas Cook’s debt as well as its shares, amid growing concerns about the company’s debt burden as it battles deep changes in its industry, the Financial Times reported. The cost to hedge against the possible default by tour operator Thomas Cook has almost doubled in the space of a week, while the yield on its 2022 bonds jumped more than 650 bps during Tuesday morning’s trading session in London according to data from Refinitiv.

The digital estate agency Emoov has entered administration, six months after a merger with two rivals that it had said made it the UK’s second-largest online agency, the Financial Times reported. Russell Quirk, chief executive, told the Financial Times the eight-year-old company had “voluntarily applied for administration, albeit [with] lots of potential buyers hovering”.

A struggling Conservative council in the Midlands has been handed an effective bailout after it was allowed to use proceeds from selling its headquarters for day-to-day spending, averting a financial crisis, the Financial Times reported. Ministers have given the green light to Northamptonshire county council to break the usual prohibition on councils using capital receipts for day-to-day purposes. The authority plans to use £70m of capital receipts, £60m of which comes from selling its new headquarters, to pay off a £35m deficit from last year and top up its reserves.

Investors in the five largest UK property funds have more than £4bn of exposure to the country’s struggling stores and shopping centres, which analysts say could shed as much as 20 per cent of their value by the end of 2019, the Financial Times reported. Retail property, including shopping centres, retail parks and high streets, makes up a significant proportion of some of the largest direct property funds that are open to individual, or retail, investors. Managers say many of these assets are now sliding in value amid a deepening crisis in the sector.