Business
Virgin Australia bondholders fight Bain for control of the airline – Executive Traveller
It’s bondholders vs Bain in the battle to take control of Virgin Australia.
Australia’s Federal Court will on Monday decide the fate of a bid by a rebel group of Virgin Australia bondholders to block a takeover by presumptive new owner Bain Capital.
The bondholders – a group of large financial institutions owed a combined $2 billion out of the collapsed airline’s $6.8 billion debt – fear they’ll receive as little as 10c in the dollar from Bain as the US firm wipes the slate clean.
Their ‘Plan B’ alternative is to have their debt converted into ownership of Virgin Aust…
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