Originally Posted by
slice
Ok, the Administrator picks a successful bidder based on the best overall result for ALL the creditors. Then there is the DOCA vote. IF there is a majority by both creditor numbers AND by creditor debt, the DOCA goes forward. IF there is a majority of one but not the other, then the Administrator has the casting vote. IF the DOCA proposal is voted down the Administrator can try to resurrect another DOCA but the most likely outcome then in this case is Liquidation given the cashflow situation, as this would drag on well past August. I think from about then the Administrator becomes liable for Virgin’s operating losses, so unless there is liquidity from somewhere they would have to liquidate.
It might be the Administrators call on paper, but in reality it’s PS that’s makes the final call. You would never know this and no idea if legal but believe what you want to believe.
The whole appointment of the Administrator was orchestrated from the get go.