Virgin lands new owners as creditors back Bain buyout
Sources in the meeting said the vote passed with an approval of 99 per cent of creditors by number and 97 per cent by value.Virgin Group founder Richard Branson and members of the union representing the bulk of workers at the collapsed airline, the Transport Workers Union, voted in supported the deed of company arrangement put forward by Bain at Friday's meeting.
“We can now continue the rebuilding process from the strongest possible platform and with the least disruption. We are working closely with Virgin management to build a stronger, more profitable and competitive Virgin Australia, and we look forward to the future with confidence.” Creditors were given two choices by Deloitte at today's meeting. One was to support Bain's proposal and receive returns of as much as 100 cents in the dollar in the case of workers and ongoing government support like JobKeeper.
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