Virgin Australia Holdings Ltd’s administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly A$7 billion ($4.58 billion), Reuters reported. Administrators from Deloitte Australia were appointed this month to restructure and sell Virgin, making it the Asia-Pacific airline industry’s biggest victim of the coronavirus crisis. The administrators this week issued an information memorandum and opened a data room for interested parties that had signed non-disclosure agreements, administrator Vaughan Strawbridge said at the meeting on Thursday, a creditor told Reuters. Strawbridge said the airline expected high-quality bids, but he did not name the parties, according to the creditor, who declined to be named for fear of breaching confidentiality. A Deloitte spokesman did not immediately respond to a request for comment. Read more
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