The future of VARA?

[MickG0105]

Originally Posted by Blackout

​​​​​​"It is important to note that the 'guarantee' we're talking about here is not a financial guarantee - there's no implied cross guaranteeing of debts and liabilities"

1. VAH Newco 2 is a guarantor of the following notes (Notes) issued by VAH: Hughes Affidavit at [20(d)]:
   
   (i) VAH Unlisted 2018 Notes: AUD$150,000,000 (face value) of 8.25% unsecured Fixed Rate Notes issued by VAH on 30 May 2018 and due for repayment on 30 May 2023;
   
2. (ii) VAH Unlisted 2019 Notes: AUD$250,000,000 (face value) of 8.075% unsecured Fixed Rate Notes issued by VAH on 5 March 2019 and due for repayment on 5 March 2024; and
   
3. (iii) USD 2016 Senior Notes: USD$350,000,000 (face value) of 7.875% Senior Notes issued by VAH and due for repayment on 15 October 2021.
   
4. VAH Newco 2 is currently in default of the obligations in the Note Deed Poll dated 17 May 2018 (which governs the VAH Unlisted 2018 Notes and the VAH Unlisted 2019 Notes) and the Indenture dated 17 October 2016 (which governs the USD 2016 Senior Notes) because of the appointment of administrators to the Virgin Companies: Hughes Affidavit at [20(d)].
   
   

I was answering S28's query regarding Deeds of Cross-Guarantee - a DOCG is not a financial guarantee.

The fact that Newco 2 is the guarantor for three tranches of unsecured notes issued by VAH is not in dispute.