Bondholders Back In For Virgin Australia After Administrator Selects Rival Bain Deal

Bondholders in Virgin Australia Holdings Ltd, in administration since April, on Monday submitted an updated proposal to take over the struggling company that rivals the approach from Bain Capital selected by administrator Deloitte, Reuters reported. The new proposal from bondholders Broad Peak Investment Advisers and Tor Investment Management is “substantially the same” as a recapitalisation pitch for Australia’s second-biggest airline they lodged last month, a spokesman said in a statement. The spokesman said the bondholders were seeking to work cooperatively and constructively with Deloitte to receive access to stakeholders and information ahead of an Aug. 26 meeting at which a deal for the future running of the company is to be finalised. Read more

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