Virgin Australia Holdings Ltd bondholders plan to propose to creditors a debt-to-equity swap as an alternative deal to the purchase by Bain Capital agreed by the company’s administrator, a lawyer for the bondholders said today, Reuters reported. Singapore’s Broad Peak Investment Advisers and Hong Kong’s Tor Investment Management plan to put forward an alternative deed of company arrangement (DOCA) to a vote at a creditor’s meeting next month, the lawyer Ian Jackman said. “The administrators will no doubt put forward a DOCA that represents the Bain transaction at the second meeting of creditors,” he said at a court hearing. “We for our part will have an alternative DOCA ... with a view to improving the return of creditors as well as ensuring the future viability of the company.” Broad Peak and Tor hold around A$300 million ($208 million) of Virgin’s A$2 billion of unsecured bonds, according to a court submission published yesterday. Read more.