Virgin Australia bondholders drop plans to rival Bain Capital deal

Aran News Saudi Arabia22 Aug, 2020News

Singapore�s Broad Peak and Hong Kong�s Tor Investment Management, which had proposed the rival deed of company arrangement (DOCA) to recapitalize the airline, hold around A$300 million ($216 million) of Virgin�s A$2 billion of unsecured bonds, part of nearly A$7 billion owed to creditors. A court ruling this week makes it impossible to complete due diligence and present a substantially unconditional DOCA proposal to rival Bain�s at a creditors� meeting on Sept. 4, the spokesman for the bondholders said.