I guess Bain has won. I don’t think the bond holders have the capability to do the hard work of restructuring. They are “just” financiers.
I’m not sure what Bain is paying over and above written down asset value, I think its about $450 million.
My guess would be the exit strategy is a float with a price of more than seven billion in about four years. In other words Bain gets to double their money for what’s going to be four years of very hard and risky work by the Bain team.
As I said earlier, the principals of this deal - the Bain guys, are each going to walk away with inter generational fortunes from this project. I therefore warn all Virgin staff now that if you have any dealings with the Bain folk, which you probably won’t, be very very careful to do exactly what they want you to do because they have a great deal of money riding on the outcome. They will destroy you in a heartbeat if you impede them.
Best of luck.