Virgin Australia's takeover by a US private equity giant could be derailed as the airline's key bond holders lodge a case in the Australian Takeovers Panel, challenging the deal.
Virgin Australia's takeover by private equity giant Bain Capital could be derailed as the struggling airline's key bond holders lodge a case in the Australian Takeovers Panel, challenging the deal.
Those bond holders are Broad Peak Investment Advisers, a hedge fund backed by Singapore's sovereign wealth fund Temasek, and Hong Kong-based Tor Investment Management. They will argue that the "circumstances regarding the process conducted by the administrators [Deloitte] are unacceptable and have the effect of precluding an alternative" deal being presented to Virgin's creditors at their next meeting in mid-August.
Virgin went into voluntary administration in April as the coronavirus pandemic and worldwide travel restrictions destroyed its ability to earn revenue.
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