Virgin Australia Holdings Ltd bondholders have withdrawn plans for a proposed recapitalisation of the airline that was meant to rival one from U.S. private equity firm Bain Capital, a spokesman for the bondholders said on Friday, Reuters reported. Singapore’s Broad Peak and Hong Kong’s Tor Investment Management, which had proposed the rival deed of company arrangement (DOCA) to recapitalise the airline, hold around A$300 million ($216 million) of Virgin’s A$2 billion of unsecured bonds, part of nearly A$7 billion owed to creditors.

Thailand’s fiscal policy should play a greater role to help the economy recover from the impact of the coronavirous pandemic, the central bank governor said on Friday, with the benchmark interest rate at a record low, Reuters reported. The Bank of Thailand (BOT) will focus on assisting with debt restructuring, Veerathai Santiprabhob told reporters after the launch of a debt restructuring programme for businesses. “In such critical condition, the one who is capable of stimulating the economy is the government...

China’s fragile economic recovery is ushering in a dangerous new phase for the nation’s $4.1 trillion corporate bond market, Bloomberg News reported. With the economy now strong enough for policy makers to dial back financial support but still too weak to save the most distressed borrowers, some fund managers are bracing for defaults on domestic Chinese debt to hit record highs this year. Delinquencies have already started rising after a remarkably quiet second quarter, and pressure on borrowers is set to grow as 3.65 trillion yuan ($529 billion) of notes mature by year-end.

The deadline for completion of Jet Airways (India) Ltd's insolvency resolution process, which was earlier extended till 21 August due to the nationwide lockdown to contain the spread of the covid-19 virus, will be extended further due to the pandemic, Mint reported. However, the resolution professional (RP) entrusted by the lenders of the airline to complete the insolvency process, hasn't given a fresh deadline yet.

Expressing concern over non-payment of the Adjusted Gross Revenue (AGR) related dues by the telecom companies which are under insolvency, the Supreme Court on Thursday said "without paying for the horse, telecos are taking a ride,” Deccan Herald reported. The apex court said it is “extremely worried” that almost the entire AGR dues will be “wiped out” in the IBC process. The top court wondered can a liability like AGR related dues be wound up, under the guise of selling spectrum under the Insolvency and Bankruptcy Code (IBC).

Genting Hong Kong, one of the territory’s leading cruise ship operators, has halted payments on debts of almost $3.4bn in the latest financial blow for an industry that has been devastated by the coronavirus pandemic, the Financial Times reported. The company, controlled by Malaysian billionaire Lim Kok Thay, said on Wednesday evening that it would “temporarily suspend all payments to the group’s financial creditors” and seek to restructure its debt.

Fosun International Ltd. is poised to lose its 20% stake in Cirque du Soleil Entertainment Group, the latest in a series of failed overseas deals for the Shanghai-based insurance, health care and tourism conglomerate, Bloomberg News reported. A consortium of Montreal-based Cirque du Soleil creditors is set to take control of the struggling circus operator, people familiar with the matter said. The company filed for bankruptcy protection in June as the Covid-19 pandemic slammed its distinctive global chain of musical, acrobatic shows.

A 8,764% surge in the shares of a company with a minuscule public shareholding has prompted India’s regulator to consider changing its rules for firms emerging from the nation’s bankruptcy process, Bloomberg News reported. The Securities & Exchange Board of India has sought comments on a proposal to cut the time given to companies that re-list after bankruptcy resolution to boost the free float to at least 10% within six months from 18 months currently.

There’s mounting scrutiny over the state-owned parent of BMW AG’s joint venture partner in China, Brilliance Auto Group Holdings Co. Investors are increasingly concerned about the Liaoning-based firm’s capacity to juggle its debt load as the pandemic weighs on profits, Bloomberg News reported. Concern is growing about the financial health of Brilliance Auto, the parent of Hong Kong-listed Brilliance China Automotive Holdings Ltd., which manufactures vehicles with the German carmaker in China via a joint venture.

Eastar Jet Co. on Tuesday began the process to find a new owner after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the new coronavirus' impact on the airline industry, YonhapNews reported. Eastar Jet has selected Deloitte Anjin LLC, Yulchon LLC and Heungkuk Securities Co. as lead managers to handle the deal to sell its controlling 51.17 percent stake, Eastar Jet Senior Vice President Kim You-sang said over the phone.