The turnaround plan presented Monday for troubled Swedish carmaker Saab Automobile AB is far from complete, said Martin Larsson, the company's executive director of new business development and, according to speculation in Swedish media, the company's next chief executive. The Swedish district court in Vanersborg on Monday gave the company the go-ahead to continue its reorganization under creditor protection, after Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co.

A bid Monday by Nathans Finance's former auditor could put an end to a $66 million claim brought by the failed finance company's receiver, The New Zealand Herald reported. Nathans Finance collapsed in August 2007, owing 7000 investors around $174 million. PricewaterhouseCoopers receiver Colin McCloy has made a bid to recover investor losses from the directors and from the company's auditor, Staples Rodway.

Failed Japanese lender Takefuji said on Monday its debt holders approved a court-led rehabilitation plan, overcoming opposition from a group of overseas creditors who had sought liquidation of the company in hopes of achieving higher repayment rates, Reuters reported. Approval had been expected for the restructuring plan proposed by Takefuji, which filed for bankruptcy in September 2010, although the conflict with foreign creditors had attracted attention in Japan where such disagreements are rare.

The government is working on a package to restructure loans to the tune of Rs 4,000-5 ,000 crore for the textiles sector but has ruled out a debt waiver, The Economic Times reported. Facing a slowdown, the textiles sector has been saddled with loans and has proposed a four-pronged strategy to deal with the burden, textiles secretary Rita Menon said. It wants the interest rate on the debt to be reset, besides seeking conversion of working capital into fresh debt, which will cost Rs 835 crore.

The Japanese government is expected to approve financial assistance to Tokyo Electric Power Co. this week, after the embattled utility sought about ¥1 trillion, or about $13 billion, in public funds Friday to deal with compensation claims from the disaster at the Fukushima Daiichi nuclear plant, The Wall Street Journal reported. The government's objective is to keep the company afloat. Without public funds, Tepco would have to report a capital deficit for the July-September quarter, results of which are due by Nov. 14.

China is very likely to contribute to the eurozone’s bail-out fund but the scope of its involvement will depend on European leaders satisfying some key conditions, two senior advisers to the Chinese government have told the Financial Times. Any Chinese support would depend on contributions from other countries and Beijing must be given strong guarantees on the safety of its investment, according to Li Daokui, an academic member of China’s central bank monetary policy committee, and Yu Yongding, a former member of that committee.

Allied Nationwide Finance, the failed finance arm of Allied Farmers, has failed to attract good enough bids for its loan book, receivers say, as they try to claw back funds to repay the government retail deposit guarantee scheme, The New Zealand Herald reported. Offers for its Speirs Securities securitisation vehicle's book also weren't satisfactory, although receivers Andrew Grenfell and Kerryn Downey of McGrathNicol say some potential buyers are doing due diligence, according to their latest report.

How bad is the debt problem in South Korea? There are some new numbers that provide clues, The Wall Street Journal Korea Real Time blog reported. More than 1 million Koreans, or about 4% of the economically-active population of 25 million, once joined in or are currently working with personal debt workout programs, the Credit Counseling & Recovery Service says. The non-profit agency started the program called “Personal Workout” in October 2002 in order to help people resolve their debt problems and regain their credit.

The government is setting up a company to manage the recovery of the remaining assets of six finance companies placed in receivership while they had Crown guarantees, The National Business Review reported. "Right throughout the Retail Deposit Guarantee scheme the Government has sought to minimise disruption to the economy, while reducing the cost to taxpayers," Mr English says. "The receiverships of these six firms have reached the stage where all the readily marketable assets have been sold.

Bridgecorp renewed investment offers to the public despite directors being aware the finance company had been missing interest payments to securities holders, the Crown argued this morning, The New Zealand Herald reported. The High Court this morning also heard Bridgecorp staff were told to lie to investors calling up asking where their payments were.