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.
chaudave How first phase of peak oil brought Virgin Australia into minus after 2008 I warned here: Despite passenger numbers growth Virgin can't make money since 2009 but ScottMorrisonMP still went ahead with 2nd Sydney airport
Something smells here😳
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