Mining magnate Nathan Tinkler is attempting to refinance $11.42 million of debt in order to stop receivers selling his private jet and helicopter.
Tinkler lost access to the luxury goods last month after the company that owns them, TGHA Aviation, went into receivership.
According to The Sunday Telegraph Tinkler failed to make $230,000 worth of payments on the assets, but has told officials he's hoping to pay out creditors in order to seize control of the goods.
But Taylor Wooding receiver Nathan Landrey told The Sunday Telegraph regardless of Tinkler's ambitions the jet and helicopter were still planned for sale.
“I can't stall the process of receivership every time a director floats that they are going to refinance,” he said.
Documents filed with the Australian Securities and Investments Commission show Tinkler initially took out a $13.5 million loan on the jet and helicopter with GE Commercial last year.
But early in 2012 repayments on the assets spiralled out of control, with the monthly interest bill doubling from around $53,000 to $100,000.
Along with THGA Aviation two more of Tinkler's companies, Mulsanne Resources and Patinack Farm, are in liquidation.