Business
Virgin bondholders pull sale plan after court blow – Sydney Morning Herald
Virgin Australia bondholders who tried to scuttle the airline’s sale to Bain Capital have accepted defeat and withdrawn their alternative proposal to snatch ownership of the bankrupt carrier.
Broad Peak and Tor, which are owed $300 million, feared bondholders would receive as little as 10¢ in the dollar for what they are owed under the sale to the US private equity giant Bain.
They proposed instead that Virgin’s bondholders swap their $2 billion in debts for shares in Virgin, which would remain listed on the ASX. The plan won the support of major investment giants including Credit Suisse, Deutsche Bank and UBS, and was backed by five former Virgin executives including co-founder Rob…
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