July 20, 2020 / 6:42 AM / 16 days ago

Virgin Australia bondholders submit rival proposal to administrator

SYDNEY, July 20 (Reuters) - Virgin Australia Holdings Ltd bondholders on Monday submitted a draft deed of company arrangement proposal to the airline’s administrator Deloitte to rival one from Bain Capital, according to a spokesman for the bondholders.

The proposal is “substantially the same” as a recapitalisation pitch last month, the bondholders’ spokesman said in a statement.

That proposal by bondholders Broad Peak Investment Advisers and Tor Investment Management involved interim funding to allow Virgin to continue operating, the conversion of noteholders and certain other unsecured creditors’ debts into equity worth around 69 cents on the dollar with an option for creditors to sell their shares for cash, according to a court submission. (Reporting by Jamie Freed; Editing by Christian Schmollinger)

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