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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