Bond holder bid shakes Virgin

Original article by Robyn Ironside, Damon Kitney
The Australian – Page: 13 & 17 : 25-Jun-20

Virgin Australia’s administrator Vaughan Strawbridge has been presented with a debt-for-equity proposal from about 5,500 of the failed airline’s bond holders. They would receive shares in Virgin and provide an $800m capital injection for the airline, which would remain a listed company if their proposal is accepted. The bond holders would have the option of immediately selling their shares and receiving about $0.70 for every dollar that they are owed. Bond holders contend that it is best outcome for Virgin and its employees. Strawbridge is slated to select the preferred private equity bidder within days.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, DELOITTE TOUCHE TOHMATSU LIMITED

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