Virgin Australia's administrators are not expected to reveal details of the 10 potential suitors for the collapsed airline at Thursday's meeting of creditors, as a challenge from a rival insolvency group on behalf of employees or bondholders looks increasingly unlikely.. Virgin, like airlines around the world, has shut down the vast majority of air travel as a result of COVID-19 travel restrictions.
Deloitte said on Wednesday it would not be releasing any details of any approaches by specific interested parties at the meeting. So far a range of groups have emerged as potential buyers of Virgin, including local private equity outfit BGH , Canadian asset manager Brookfield, American airline investor Indigo Partners, American distressed debt specialists Oaktree as well as other groups.
"[We're] happy with how things are proceeding," the source said. Another union source said given the number of "tyre kickers" in the process they would wait for a concrete offer before considering the best outcome for workers.Virgin's disgruntled bondholders who are together owed $1.9 billion Virgin raised $900 million in November through the issue of bonds to Australian and American retail investors, community groups and investment houses.
The initial meeting will be more procedural ie any extra powers required by administrators, a summary of what has been found to date and a possible road map. All this unless a secured creditor moves to make changes
Suits them. More fees roll in the longer this process takes. auspol
Because most are bogus.. the usual scavengers looking to pick up pieces for nothing & flog for profit.
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