A push by two Virgin Australia bondholders to disrupt the bankrupt airline’s sale to Bain Capital has gained the support of investment giants including Credit Suisse, Deutsche Bank and UBS.
Corrs Chambers Westgarth lawyer Cameron Cheetham, acting for the two investors, told the court that in the past week his firm had received statements of support for the rival proposal from around 60 bondholders including UBS, Credit Suisse, Deutsche Bank, Morgans, Mason Stevens, Escala Partners, Mutual Limited, Aberdeen Standard Investments and Yarra Capital Management."At present, I estimate that the combined holdings of the bondholders whom support the bondholder...
Broad Peak and Tor fear the Bain deal will deliver unsecured creditors as little as 10¢ in the dollar for their debts. Under their plan, unsecured creditors' debts will be swapped for shares in Virgin, recovering up to 67¢ in the dollar for bondholders that participate in an $800 million recapitalisation.
Deloitte, however, has said that the sale agreement it signed with Bain in late June is binding and is refusing to let creditors vote on the bondholder proposal.for trying to destabilise Virgin's future with a proposal that is "not credible... conditional, incomplete, indicative and non-binding".
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