Defunct Jet Airways, which is undergoing insolvency resolution for nearly two years, cannot claim "historicity" for slots at airports, and allocation of slots will be based on existing guidelines, according to an affidavit, the Times of India reported. The civil aviation ministry and aviation regulator DGCA have also informed the National Company Law Tribunal (NCLT) that for claiming historicity, the criteria cannot be based on contention that airline was in operation for 25 years.

China’s HNA Group Co. said that nearly 67,400 creditors are seeking a total of 1.2 trillion yuan ($187 billion), according to a person who attended the conglomerate’s online meeting for creditors on Friday, Reuters reported. The company has confirmed 405.7 billion yuan in claims as valid and has rejected 353.5 billion yuan in claims, the person quoted Ren Qinghua, the head of HNA’s liquidation team, as saying. Another 156.5 billion yuan in claims are being assessed as part of a preliminary review while some claims have yet to be reviewed, added the person.

China is pushing China Huarong Asset Management Co. to sell non-core assets, two people involved in the revamp told Reuters, while considering offering an implicit guarantee of the liabilities of the debt-laden bad-debt manager. Regulators are pressing the state-controlled "bad bank", which has been trying to restructure since 2018, to sell units including a bank, a trust, an investment firm and a consumer finance firm.

The Committee of Creditors (CoC) of Aircel has approached the Indian Supreme Court (SC) to overrule the order of the National Company Law Appellate Tribunal (NCLAT) that restrict them from selling the spectrum before the overall dues of the company are cleared. Because of the order, Aircel might have to move towards liquidation, which will hurt all of its lenders who are trying to recover their money from the company, Telecom Talk reported.

Major shipping companies have warned clients of worsening congestion at Shenzen's Yantian port in southern China following the discovery of several asymptomatic cases of COVID-19 in the city, Reuters reported. Yantian International Container Terminal (YICT), one of China's busiest container ports with an annual handling volume of more than 13 million twenty-foot equivalent units (TEU), has imposed stringent disinfection and quarantine measures since May 21 when the virus was discovered among port staff.

National flag carrier Garuda Indonesia will seek a suspension of debt payments to creditors and lessors under a 'standstill agreement' in order to avoid bankruptcy, a senior government official said on Thursday, Channel News Asia reported. The coronavirus pandemic has put the state-controlled airline's finances under serious strain with a negative cashflow of about US$100 million a month and ballooning debt, Kartika Wirjoatmodjo, Indonesia's deputy minister of state-owned enterprises (SOEs), told a parliamentary hearing.

Troubled state finance company China Huarong Asset Management on Thursday successfully completed its biggest bond redemption since default worries erupted in April, but investors remain concerned about its long-term health and that of its peers, Nikkei Asia reported. The company, originally set up to manage soured loans extended by Industrial and Commercial Bank of China, repaid a $900 million bond right on time. Huarong over the weekend also repaid a 500 million yuan ($78.3 million) domestic bond, according to Bloomberg.

Authorities in Sri Lanka were trying to head off a potential environmental disaster Thursday as a fire-damaged container ship that had been carrying chemicals was sinking off of the country’s main port, the Associated Press reported. The Singapore-flagged MV X-Press Pearl started sinking on Wednesday, a day after authorities extinguished a fire that raged on the vessel for 12 days. Efforts to tow the ship into deeper waters away from the port in Colombo failed after the ship’s stern became submerged and rested on the seabed.

China’s central bank is trying to restrain the surging exchange rate of its currency, temporarily backtracking in efforts to make the tightly controlled yuan more flexible and market-oriented, the Associated Press reported. On Monday, commercial lenders were ordered to hold more of their foreign currency as reserves in the central bank to limit sales after the yuan hit a four-year high of 6.3674 to the U.S dollar. The People’s Bank of China is trying to deter speculators after the yuan rose by about 12% against the dollar since May.

Australia’s economy raced ahead last quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into its first recession in three decades, Reuters reported. The economy expanded by a real 1.8% in the three months to March, data from the Australian Bureau of Statistics (ABS) showed on Wednesday. The solid back-to-back quarterly growth helped annual output climb 1.1% to A$525.7 billion ($408.05 billion), a major turnaround from last year's recession low of $468.3 billion.