A 70-year-old New Zealand planemaker has had its Civil Aviation Authority (CAA) certificates suspended after declaring it’s now insolvent, Australian Aviation reported. Pacific Aerospace, which employs 100 people in Hamilton on the North Island, manufactures aircraft popular for skydiving and the aerial application of fertiliser.

India is considering setting up a body comprising of independent experts that will take over the role of privatizing state-run companies once the government decides to divest, Bloomberg News reported. The panel will replace bureaucrats, who currently manage privatization, as well as minority stake sales, the people said asking not to be identified because the discussions are private. The proposal is at an early stage and a final decision hasn’t been taken, they said. An external panel will help accelerate the asset sale process and bypass red tape, according to the people.

McNally Sayaji Engineering Ltd is going to face bankruptcy, the first casualty of the financial turmoil at Williamson Magor Group, TelegraphIndia.com reported. The company is an unlisted subsidiary of McNally Bharat Engineering Ltd, which is at the heart of the woes in the group. The Calcutta bench of the National Company Law Tribunal admitted McNally Sayaji for the corporate insolvency resolution process (CIRP) at the behest of ICICI Bank. McNally Bharat managing director Srinivas Singh said the company was examining the order.

Airline maintenance provider Lufthansa Technik Philippines (LTP) will lay off 300 employees in April due to the impact of the COVID-19 pandemic on the airline industry that forced some of its clients into bankruptcy, The Star reported. "This decision comes after careful study and consideration of the business situation as a result of the pandemic, its effects on the aviation industry," LTP president and CEO Elmar Lutter said in a letter to employees dated Feb. 11.

A Japanese real estate developer that pulled off a $1.9 billion employee buyout with U.S. private equity firm Lone Star is under pressure from a leading creditor to consider filing for bankruptcy protection, the Financial Times reported. Unizo, which owned a portfolio including hotels and central Tokyo office space, was at the centre of a 2019 bidding war between SoftBank-backed Fortress and other potential buyers including Blackstone and local property companies, having attracted high-profile interest in a market where real estate assets are only occasionally sold as a bloc.

Three C Homes (3C) Private Limited, the Delhi NCR based real estate developer once sought after by multiple private equity investors, is headed for liquidation after the bankruptcy tribunal rejected a proposed resolution offer, which was less than 20% of the liquidation value, VCCircle.com reported. The bankruptcy proceedings have been underway at the New Delhi bench of the National Company Law Tribunal (NCLT) since September 2019, on a plea by Arun Kumar Sinha, one of the home buyers for the company’s Lotus City project in Greater Noida, Uttar Pradesh.

From a skyway operator in Australia to a tourist guide on Indonesia’s resort island of Bali and a lion dance troupe in Malaysia, Asia’s travel industry is hurting as coronavirus curbs keep most people home for the Lunar New Year, Reuters reported. The celebration, which begins on Friday, usually triggers the largest annual migration as people reunite with loved ones or go on holiday, but this year government curbs are spoiling plans, even as many nations roll out vaccines.