Investors in Timbercorp fruit plantations will share about $20 million between them after the Supreme Court of Victoria approved a settlement between investors and creditors. A further $30 million owing to forestry scheme investors has also been freed up. Secured creditors including ANZ and Westpac will share the remaining money from the 2009 sale of fruit trees, water rights and land following the collapse of Timbercorp earlier that year. These assets reaped nearly $350 million in 2009, and about $170 million has already been distributed to secured creditors.
The top ten insurers in Australia account for nearly 80 per cent of the sector’s $2.8 billion in profit last year. At the same time, some 23 insurers operating in Australia, including offshore majors Zurich, General Re and online specialist Progressive Direct delivered a loss last year. Insurance Australia Group’s flagship general insurance arm was the most profitable operator, returning $419.8 million.
Webjet will buy Zuji’s online travel operations in Australia, Hong Kong and Singapore for $US25 million ($A23.7 million), in its biggest foray into Asia’s booming travel market. The managing director, John Guscic, said the acquisition of Zuji would allow Webjet to ‘‘substantially expand’’ its presence.