Qantas (QF, Sydney Kingsford Smith) is set to be approached by a group of local and foreign investors who plan to acquire and lease back aircraft to the Australian national carrier. The Australian Financial Review says the group is headed by former Macquarie banker, Greg Woolley, who was part of a failed bid for the airline in 2006. It is said the group has a capital of AUD1billion (USD0.91billion) with "several billion" dollars in available debt. The group plans to acquire an unspecified number of Qantas aircraft which it would then lease back to the airline with Qantas' owner, the Australian government, guaranteeing the lease payments. Meanwhile, The Weekend Australian says China Southern Airlines (CZ, Guangzhou), in 2012, held "detailed discussions" to bankroll a group of wealthy investors - including former Qantas chief executive Geoff Dixon, advertising magnate John Singleton and retail guru Gerry Harvey - to buy an initial stake of 19.9 per cent in Qantas, which would have eventually risen to 25 per cent. The deal failed to go through after the investors failed to secure a commitment from the Chinese. Qantas' board has pleaded with government to loosen restrictive investment laws which cap foreign ownership in the airline at 49% with total ownership by foreigners limited to 35% and single foreign investors limited to 25%.