Advertisement

Federal Court rejects bondholders’ bid to see winning Virgin offer

The Federal Court has rejected an effort by some of Virgin Australia’s creditors to get an inside look at Bain Capital’s winning bid for the bankrupt airline.

Jul 10, 2020, updated Jul 10, 2020
Bondholders finally make an offer for Virgin (Photo: AAP Image/James Ross)

Bondholders finally make an offer for Virgin (Photo: AAP Image/James Ross)

Justice John Middleton on Friday threw out the application by bondholders Broad Peak Investment Advisors and Tor Investment Management and awarded the defendants costs.

Virgin’s voluntary administrator, Deloitte, and Bain Capital had opposed the request saying that it was liable to disrupt the process and impede the ability of the administrators and purchasers to complete the sale of the airline to the Boston-based private equity firm.

InQueensland in your inbox. The best local news every workday at lunch time.
By signing up, you agree to our User Agreement andPrivacy Policy & Cookie Statement. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Broad Peak and Tor had submitted an alternative bid in which their debt would be converted to equity, but that was rejected by Deloitte during the sale process.

Whether the sale of the airline goes through to Bain will be decided at a second meeting of creditors in August.

Local News Matters
Advertisement

We strive to deliver the best local independent coverage of the issues that matter to Queenslanders.

Copyright © 2024 InQueensland.
All rights reserved.
Privacy Policy