Virgin sale at risk as bondholders plan last gasp bid – The Sydney Morning Herald

Bondholders have asked the Takeovers Panel to review Deloitte’s conduct during the administration and also took court action access documents relating to the transaction so they could have more time to consider Bain’s offer and prepare their alternative proposal.
While bondholders have previously hinted at making a second offer, Friday’s court hearing was confirmation they would lob an alternative offer for creditors to vote on at the August meeting.
“My clients seek to bring an alternative DOCA at the creditors’ meeting. We have a right to do that,” said counsel for the bondholders Ian Jackman, SC.
Federal Court judge John Middleton dismissed the bondholders’ request after putting the administrator notice to share information with bondholders to avoid a legal battle.
“The administrators may have to make some rather hard decisions about how much they do disclose information for the purposes of the second creditors’ meeting. If they take a particular approach the second creditors’ meeting may become litigious,” Justice Middleton said.
“I’m just… warning is putting too fine a point on it I may say,” he said.
He said it was in “everyone’s interest” for as much communication as possible to flow between administrators and creditors as this would alleviate concerns and allow people to gather information to consider the options available.
Mr Jackman told the court his client had been confused by a public statement by Deloitte that the sale of Virgin was a done deal, given it now claimed Bain will also be putting forward a DOCA at the meeting.
“We are confused as to how the administrator, no doubt with advice, has come to the conclusion that it is a fait accompli and whatever happens at the second creditors’ meeting can’t change the asset sale to Bain.”

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