20 buyers now circling Virgin Australia
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"Virgin Australia's rebel bondholders bail out, leaving Bain Capital to take control" https://www.executivetraveller.com/n...-takes-control
"Virgin Australia bondholders withdraw plans for proposal to rival Bain Capital deal" https://www.reuters.com/article/us-v...-idUSKBN25H0N1
Story linked above is paywalled, these ones are free.
"Virgin Australia bondholders withdraw plans for proposal to rival Bain Capital deal" https://www.reuters.com/article/us-v...-idUSKBN25H0N1
Story linked above is paywalled, these ones are free.
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Virgin standoff ‘bid for money’
The stoush between Virgin Australia’s new owner and bondholders has taken an ugly twist as accusations fly.This should make interesting reading in todays paper.
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Basically reads like Broad Peak and Tor we’re prepared to hang the other bondholders out to dry as long as they got more for themselves.
What a surprise!!! This further reaffirms that they had no interest in operating VA, just interested in finding a way that enriched them at the expense of the other creditors including staff.
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True, but no doubt Bain’s proposal isn’t steeped in benevolence, perhaps we’re just getting the lesser of 2 evils. It’s not like we have a choice in the matter.
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....no doubt Bain’s proposal isn’t steeped in benevolence, perhaps we’re just getting the lesser of 2 evils
This is not over yet: https://www.fedcourt.gov.au/__data/a...on-2482020.pdf
Yet again, you seem to think that re-presenting the losing side's two week old argument is somehow miraculously going to reverse the court's judgement. Watching a replay of last year's grand final, even if you just watch the bits when your side scores, doesn't change the result.
The Federal Court didn't think so because it was ultimately a losing argument. Middleton J didn't even need to reserve judgement after considering that 'good read'. No sooner than Mr Jackman concluded his argument for Broad Peak and Tor, Middleton J was trying to figure out the exact party that the costs he was going to award should be paid to.
The only reading you need to attend to is this;
THE COURT ORDERS THAT:
1. The Interlocutory Process filed 11 August 2020 (Interlocutory Process) by Broad Peak Investment Advisers Pte. Ltd (for and on behalf of Broad Peak Master Fund II Ltd and Broad Peak Asia Credit Opportunities Holdings Pte. Ltd) and Tor Investment Management (Hong Kong) Ltd (together, the Applicants) be dismissed.
2. The Applicants pay the Plaintiffs' costs of the Interlocutory Process.
1. The Interlocutory Process filed 11 August 2020 (Interlocutory Process) by Broad Peak Investment Advisers Pte. Ltd (for and on behalf of Broad Peak Master Fund II Ltd and Broad Peak Asia Credit Opportunities Holdings Pte. Ltd) and Tor Investment Management (Hong Kong) Ltd (together, the Applicants) be dismissed.
2. The Applicants pay the Plaintiffs' costs of the Interlocutory Process.
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ex Deloitte: Report to Creditors- 25 August 2020......
Deloitte: 25/08/2020- Report to Creditors (link here): https://www2.deloitte.com/content/da...ors-250820.pdf
rgds
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rgds
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Yet again, you seem to think that re-presenting the losing side's two week old argument is somehow miraculously going to reverse the court's judgement. Watching a replay of last year's grand final, even if you just watch the bits when your side scores, doesn't change the result.
8.6Table 26, Bain gets it for $450 million.
Bondholders get maybe twelve cents in the dollar.
For all youse that think being a director or CEO is a diddle, read the report, as much as you can. The Directors could be on the hook for $17 - $35 million.
Bondholders get maybe twelve cents in the dollar.
For all youse that think being a director or CEO is a diddle, read the report, as much as you can. The Directors could be on the hook for $17 - $35 million.
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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:
rgds
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Extract:
Breaking
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.
Bain Capital offering $3.5b for Virgin
Lucas Baird ReporterAug 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.
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Deloitte: 25/08/2020- Report to Creditors (link here): https://www2.deloitte.com/content/da...ors-250820.pdf
rgds
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One thing that we know for sure and certain now is that Paul Scurrah most assuredly misled the market when he claimed on 13 March that
The Group currently has a cash position in excess of $1 billion.
It will be interesting to see if either ASIC or the ASX elect to act on this.
Mick,
In case you did not realise, that submission was filed yesterday 24th.
In this argument, there appears to be more substantial information.
Im curios to know how you interpret the Law and Court? If you were found guilty of something you did not commit, is the process all done.. Thats it, it's all over -Case Closed???
In case you did not realise, that submission was filed yesterday 24th.
In this argument, there appears to be more substantial information.
Im curios to know how you interpret the Law and Court? If you were found guilty of something you did not commit, is the process all done.. Thats it, it's all over -Case Closed???
And you'd be better served not to construct straw man arguments. This is not a criminal matter involving guilt or innocence. It is a civil matter relating to the application of the Corporations Act 2001. The court's interpretation of that Act is the law. Broad Peak and Tor can appeal Middleton's decision but they haven't sought leave to do so at this point. That application, written two days prior to when Mr Jackman made presented arguments before Middleton J, simply reruns the their losing proposition.
Save Broad Peak and Tor lodging an appeal, it is over - case closed.
So what is the date that Bain take total control of Virgin and Deloitte step away? Given the current state of domestic aviation I would think that they would want to delay that moment for as long as possible.
I wouldn’t share your dogmatic view, Mick. The bondholders aren’t still fighting just for ****s and giggles. They may lose, but I wouldn’t say they have lost already.