The bond holders are not without support.
https://www.theage.com.au/business/c...12-p55l3j.html
What is Bains exit strategy?
Whatever it is, you can be assured they will plan to walk away with every dollar they can hoover up from Creditors, suppliers, staff, the public and the state and federal government.
I promise you, Deloittes by now is wishing they never heard of Bain because they are going to be dragged through the mincing machine by the terms of the heads of agreement they signed.
I refer you to the terminology of the news report about one aspect; Bain “injected “ $120 million or so into Virgin. Not “invested” because they aren’t solvent, not “lent” because there is no entity to lend to. Anyone care to guess the terms of that little earner? My guess is that the interest rate on that money, if you can call it that, is effectively 100% every three months. In other words, Bain will get to double its money even if the deal falls through. They have probably ALREADY covered the costs of this deal and made a handsome profit even if Virgin was liquidated tomorrow. The poor schmucks responsible are Deloittes.
”we have a. secret deal”. “No, we won’t look at your deal because ours is better”. “we will never show you the deal”. Don’t you poor guys understand the games being played here?