Virgin Australia bondholders to table rival deal for creditor vote: lawyer By Reuters

© Reuters. FILE PHOTO: A Virgin Australia Airlines plane is seen at Kingsford Smith International Airport after Australia implemented an entry ban on non-citizens and non-residents due to the coronavirus disease (COVID-19) in Sydney

SYDNEY (Reuters) – Virgin Australia Holdings Ltd (AX:) bondholders plan to propose an alternative deal to creditors to the purchase by Bain Capital agreed by the company’s administrator, a lawyer for the bondholders said on Friday.

Singapore’s Broad Peak Investment Advisers and Hong Kong’s Tor Investment Management plan to put forward an alternative deed of company arrangement (DOCA) to a vote at a creditor’s meeting next month, said Ian Jackman, a lawyer representing them.

“The administrators will no doubt put forward a DOCA that represents the Bain transaction at the second meeting of creditors,” he said at a court hearing.

“We for our part will have an alternative DOCA….with a view to improving the return of creditors as well as ensuring the future viability of the company.”

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