July 6, 2020 / 1:49 AM / a month ago

Virgin Australia bondholders seek permission to put forward sale alternative

SYDNEY, July 6 (Reuters) - Virgin Australia Holdings Ltd bondholders have applied to the Takeovers Panel for approval to allow them to make an alternative proposal to creditors for the sale of the airline to private equity group Bain Capital, the panel said on Monday.

Broad Peak Investment Advisers and Tor Investment Management are also seeking interim orders allowing them to access information including the terms of the Bain transaction, the panel said in a statement.

Bain last month agreed with Virgin’s administrator of Deloitte to buy Australia’s second-biggest airline for an undisclosed sum, banking on an aviation industry recovery. (Reporting by Jamie Freed and Paulina Duran Editing by Shri Navaratnam)

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