Business
Virgin’s rebel bondholders suffer major setback – Sydney Morning Herald
Virgin’s sale to Bain almost a done deal after the federal court throws out the request by Broad Peak Investment and Tor Investment to force a vote on alternative offer.
But the fight might not be over yet with lawyers for the bondholders flagging during Monday’s court hearing that they will pursue further legal action to push ahead with their proposal.
Bondholders took this step after Deloitte revealed it was planning to only present Bain’s DOCA to creditors and then to ask creditors to vote to approve or knock back that offer. Under Bain’s DOCA, bondholders are expected to only get 10 cents in the dollar.
But Justice Middleton threw out these requests in a b…
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