July 10, 2020 / 12:52 AM / a month ago

Virgin Australia bondholders to table rival deal for creditor vote - lawyer

SYDNEY, July 10 (Reuters) - Virgin Australia Holdings Ltd bondholders plan to propose an alternative deal to creditors to the purchase by Bain Capital agreed by the company’s administrator, a lawyer for the bondholders said on Friday.

Singapore’s Broad Peak Investment Advisers and Hong Kong’s Tor Investment Management plan to put forward an alternative deed of company arrangement (DOCA) to a vote at a creditor’s meeting next month, said Ian Jackman, a lawyer representing them.

“The administrators will no doubt put forward a DOCA that represents the Bain transaction at the second meeting of creditors,” he said at a court hearing.

“We for our part will have an alternative DOCA….with a view to improving the return of creditors as well as ensuring the future viability of the company.” (Reporting by Jamie Freed and Paulina Duran Editing by Shri Navaratnam)

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