Asia Pacific

Kingfisher Airlines Ltd., India’s second-biggest domestic carrier, said it got preliminary approval from lenders for a debt restructuring plan to cut interest costs and benefit from rising demand for air travel, Bloomberg reported. “The bank consortium has agreed generally to the package,” Ravi Nedungadi, chief financial officer at the carrier’s parent UB Group, said today by phone.

Uncertainty surrounds the refurbishment of the Busselton Jetty, with the company responsible for the project going into voluntary administration, ABC News reported. The jetty upgrade is due to be finished in February but this week construction company Marine and Civil announced it would enter into administration, casting doubt over that completion date. Busselton chief executive Mike Archer has described the situation as "unsettling" but says he is liaising with administrators to ensure completion of the jetty project is a priority. He says if necessary, another contractor will be appointed.

Most big Asian banks will be exempted from a global regulatory regime under the latest proposal for the industry from the world’s leading economies, which aims to prevent another financial crisis, the Financial Times reported. People briefed on the agenda for the G20 summit, which begins in Seoul on Thursday, said officials had concluded that global regulators should focus on big banks with global businesses, stripping out domestically focused institutions without the reach of the industry’s cross-border companies.

Receivers for the Jean Jones clothing stores say they have received an excellent response from potential buyers and expect a sale before the end of the year, The National Business Review reported. Receiver Mike Horne, of Deloitte, said a review of the company's position confirmed earlier indications that the nationwide women's fashion chain was fundamentally a strong business and its problems were primarily caused by factors external to its operations. Jean Jones' loyal customer base and viable business model meant there was strong interest from prospective buyers, Mr Horne said.

Failed property developer Patrick Fontein is fighting to stave off bankruptcy in the High Court at Auckland today, BusinessDay.co.nz reported. Creditor Bank of New Zealand wants Fontein adjudged bankrupt for debts totalling $93 million, owed to 45 creditors. The money is owed from the collapse of companies associated with Fontein's Kensington Park Developments. The bank says Fontein breached loan agreements for the Kensington Park development at Orewa north of Auckland by diverting funds to another development - the Huka Falls Resort outside of Taupo.

The Group of 20 is beginning to look more like the G19 plus 1 as emerging and rich countries alike accuse the United States of breaking a vow of unity, Reuters reported. This week's G20 summit will require every bit of President Barack Obama's diplomacy skills after the Federal Reserve embarked on a new $600 billion bond-buying spree, sparking criticism from four continents that the U.S. central bank was ignoring the global repercussions.

The London-based administrator for Bahrain's Awal Bank BSC said it needs more time to talk with creditors before determining whether to continue the Chapter 11 case it filed last month with the U.S. Bankruptcy Court in Manhattan, Dow Jones Daily Bankruptcy Review reported. In court papers filed in New York Thursday, Awal asked Judge Allan L. Gropper for an extension to file financial statements required under the U.S. bankruptcy law. The bank has so far been hesitant to publicly disclose specifics on its finances.

Two Southbury companies placed in receivership yesterday owed South Canterbury Finance about $156 million, say receivers, BusinessDay.co.nz reported. Southbury Corporation, 100 per cent owner of the finance company, owed it $74m, while Southbury Group, 100 per cent owner of Southbury Corporation, owed $82m. Southbury Group was the main holding company for Timaru millionaire Allan Hubbard, whose affairs are now in statutory management. Receiver Kerryn Downey of McGrath Nicol said the loans were part of a ''complex web'' of transactions involving all three companies.

The residents of six Sunshine Coast retirement villages caught up in a receivership action have been assured in a series of meetings this week that it would remain “business as usual” at the facilities, Sunshine Coast Daily reported. Receiver-manager KordaMentha yesterday told nervous residents of three Hibiscus-branded facilities at Buderim and Sippy Downs that they had nothing to fear. On Wednesday, a KordaMentha representative met with residents of two Hibiscus-branded facilities at Nambour and Noosa and the Buderim Gardens Retirement Village.

The receivers of South Canterbury Finance have been appointed to handle the receivership of the Southbury companies, which are associated with Timaru businessman Allan Hubbard, the Otago Daily Times reported. Kerryn Downey and William Black of McGrathNicol were appointed receivers and managers of Southbury Group Ltd and Southbury Corp Ltd last night. Southbury Group Ltd owns 100 percent of Southbury Corp Ltd, which owns 1 00 percent of South Canterbury Finance. Mr Downey said that the receivership was necessary to gain access to the records and better management control of the group.