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Deloitte warned to be ‘full and frank’ with Virgin creditors – The Australian Financial Review
There could even be grounds to terminate the sale to US private equity firm Bain Capital if insufficient information was available, the Federal Court cautioned.
Deloitte has already signed a sale and implementation deed with Bain the contents of which remain secret on court orders. But this has not stopped Virgin’s bondholders from attempting to derail the sale.
There are about 6000 institutional and retail bondholders, advised by financial services outfit Faraday Associates and lawyers from Corrs Chambers Westgarth. Their nearly $2 billion of debt with the airline is unsecured, prompting fears they will see little of that back from Bain.
Indeed, lead…
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