Bondholders led by BlackRock Inc have agreed to inject capital into Quintis Ltd and take it private, rescuing the Australian sandalwood firm after it collapsed in the wake of a short-seller attack, Reuters reported. Between A$125 million and A$175 million ($95 million to $132 million) in capital will be provided and the bondholders will acquire control of the company, administrator McGrathNicol said in a statement. “It is expected that the proposal will be supported by growers, employees and creditors whose rights and long term interests are protected,” the statement said.

Santos Ltd. plunged the most since 2016 after rejecting Harbour Energy Ltd.’s $10.9 billion final offer and terminating talks, saying its proposal was too low and too risky, Bloomberg News reported. The Australian oil and gas producer said Tuesday its independent directors, managing director and chief executive officer unanimously rejected the proposal because it didn’t represent the full value of the company, as well as being too complex and high-risk. Oil prices and shares of its domestic peers have rallied 14 percent and 18 percent, respectively, since the initial proposal, Santos said.

Toys ‘R’ Us in Australia has lost its battle for survival with directors today putting the 44-store chain into administration. The move threatens up to 2700 jobs, including 700 full-time positions. Insolvency firm McGrathNicol said partners Jason Preston, Keith Crawford and Barry Kogan were put into Toys ‘R’ Us (Australia) and Babies ‘R’ Us (Australia) after the withdrawal of the final bidder looking over the struggling businesses, The West Australian reported. The stores, including four in Perth.

Australia’s unemployment rate edged up to a 9-month high in April, despite an increase in the number of full-time roles, the Financial Times reported. Australia’s unemployment rate rose to seasonally-adjusted 5.6 per cent in April from 5.5 per cent in the previous month, according to the Australian Bureau of Statistics. That was above the 5.5 per cent forecast in a Reuters poll and broke from a four-month run at the same level.

Australian fashion brand Metalicus has entered voluntary administration and will today begin a major sale across all of its outlets, SmartCompany.com.au reported. In an email to customers on Wednesday evening, the company acknowledged the “difficult period for our staff and customers”, as it explained plans to launch a sale event at all of its flagship stores, Myer concession outlets and online, starting Friday. Metalicus said the sale event will involve “significant savings on all pieces”.

Sweeping reforms to insolvency laws and regulations are set to benefit distressed companies that are attempting to negotiate a sale and avert going into administration, The Australian Financial Review reported. Local lawyers are of the view that draft regulations released this week by Minister for Revenue and Financial Services Kelly O'Dwyer are largely positive for lenders, struggling companies and the restructuring industry.

Australia’s largest sandalwood forest company, Quintis Ltd, has called in administrators after one of its bondholders forced the firm to pay out A$37 million ($30 million), a spokesman for the administrators, KordaMentha, said on Monday. Quintis has been trying to raise new financing over the past nine months, but none of the recapitalisation strategies, including a buyout by the company’s former managing director, have reached completion, Reuters reported. Bondholder Asia Pacific Investments DAC, connected with U.S.

Australian coal rail operator Aurizon Holdings said on Monday it was in talks to buy the Wiggins Island Coal Export Terminal (WICET), which urgently needs to restructure $3 billion in debt, the International New York Times reported on a Reuters story. A purchase would mark a change in strategy under new Chief Executive Andrew Harding for Australia's largest rail freight operator, which runs nearly 2,700 kms (1,680 miles) of rail lines transporting millions of tonnes of coal a year.

Australia & New Zealand Banking Group Ltd. full-year earnings rose 18 percent on growth in its domestic banking businesses and lower bad debts, even as margins narrowed, Bloomberg News reported. Unaudited cash profit, which excludes one-time items, rose to A$6.94 billion ($5.3 billion) in the 12 months ended Sept. 30, from A$5.9 billion a year earlier, the Melbourne-based bank said in a statement Thursday. That compares with the A$6.97 billion median estimate of 13 analysts surveyed by Bloomberg.

Australia’s central bank has warned that household borrowing is a key risk to the country’s financial system as higher interest rates could see households struggle to repay their debt, the Financial Times reported. “Higher interest rates, or falls in income, could see some highly indebted households struggle to service their debt and so curtail their spending,” the RBA said in its latest Financial Stability Review. Low interest rates and weak wage growth have seen debt levels relative to income edge higher, the central bank said.