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Virgin Australia bondholders plan to derail Bain sale

 


Creditors, which include approximately 9,000 workers, secured bank lenders and aircraft rental companies, owe $ 6.8 billion.

The bondholders are requesting an interim order requiring Deloitte and Bain to disclose the terms of the proposed sale and final orders that would allow bondholders to submit their plan for Virgin to the vote of the creditors.

The Takeover Panel said it had not decided to proceed with the matter and made no comments “on the merits of the request”.

A Deloitte spokesperson said the directors believed the bondholders’ action was baseless. They will present the Panel with information necessary to refute all of the claimants’ claims, he said.

The directors began a process that resulted in a sale to Bain Capital, and which provides certainty for the future of the airline.

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The bondholders, advised by the boutique firm of Sydney Faraday Associates and lawyers from Corrs Chambers Westgarth, had offered to exchange their $ 2 billion debt for Virgin property. The group said it would inject $ 925 million into the company as part of a recapitalization plan and that Virgin would remain listed on the Australian Stock Exchange.

Deloitte, however, rejected the proposal, saying it was too conditional and that there was no evidence of committed funding.

Bondholders are more and more worried about the amount of their debts they will collect, most of them thinking it will be between $ 6.5 and $ 10, as low as $ 130 million. out of the $ 2 billion owed to them.

The total value of the debt owed to the two bondholders behind Monday’s request is not known. Virgin bonds are owned by 30 large institutional investors and approximately 6,000 individual “mom and dad” investors.

The Singapore-based Broad Peak is supported by Singapore sovereign wealth fund Temasek, which held a stake in Virgin through its majority stake in Singapore Airlines, which in turn owned 20% of Virgin. Tor is a Hong Kong hedge fund specializing in high yield credit.

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