ex: the AFR- Bain Capital offering $3.5b for Virgin......
Initial article and Summary ex the AFR (link):
https://www.afr.com/companies/transp...0200825-p55p0k
Extract:
Breaking
Bain Capital offering $3.5b for Virgin
Lucas Baird Reporter
Aug 25, 2020 – 10.18am
US private equity firm Bain Capital is offering $3.5 billion for Virgin Australia, with the return to the failed airline's unsecured creditors put between 9¢ and 13¢ on the dollar.
These details have emerged as part of a report to creditors from Virgin's administrators from Deloitte. The report precedes a meeting of the carrier's 10,000 or so creditors where they will vote on how to formalise the sale to Bain – through a Deed of Company Arrangement or an asset sale.
Bain's offer includes the payment of all $450 million in worker entitlements and all $2.3 billion of debt Virgin owed to secured creditors.
The overall return to unsecured creditors,
including the bondholders who had been trying to overthrow the prospective sale to Bain, will be between $462 million and $612 million.
Bain will honour all customer travel credits. They also noted some supply and finance arrangments will continue under their ownership.
Creditors will vote on the sale at a meeting on September 4.
More to come.
rgds
S28- BE