Aircraft lessors lose bid to move up Virgin creditor queue

have failed to convince the NSW Supreme Court that some of their claims against the once-teetering Virgin Australia should be moved further up the creditor queue than its administrators allowed.

Virgin Australia called in the administrators as it buckled under the weight of the COVID-19 pandemic in April 2020, but has since recapitalised under the ownership of Bain Capital.This was because of protocols agreed to between the administrators and the plane lessors, which Justice Black found limited any liability to the payments accrued during the seven months of administration.

It is yet another blow to aircraft lessors involved in the Virgin restructure, after the High Court last month dismissed an appeal from Wells Fargo and Willis Lease Finance arguing that Virgin should have to pay transport costs for engines the two companies repossessed during the voluntary administration period.Virgin Australia called in the administrators as it buckled under the weight of the COVID-19 pandemic in April 2020, but has since recapitalised under the ownership of Bain Capital.

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