get as little as 10¢ in the dollar of what they are owed or nothing at all under a sale of Virgin to shortlisted bidders Bain Capital or Cyrus Capital Partners., with shares issued to about 6000 bondholders made up of around 30 major institutional investors and thousands of "mum and dad" retail investors.Bondholders would put up $800 million to recapitalise Virgin, which went into voluntary administration with debts of $6.
"This approach offers the fastest pathway to return Virgin to the new operating environment for Australian aviation and positions the airline to resume high-quality services to its millions of loyal Australian customers." Faraday's argument is that Virgin should not sell for "pandemic prices" and there will be a better outcome for creditors if they take ownership until state and national borders reopen.Like Cyrus and Bain, the bondholder group backs Virgin's existing management led by chief executive Paul Scurrah and its "Virgin 2.
pwhatch the shares are only worth less than 5c
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virgin Australia has opportunity to reinvent itself 'leaner and meaner' | Sky News AustraliaAir Niugini CEO and former Qantas executive Alan Milne says Virgin Australia has an opportunity to reinvent itself and 'come out with a leaner and meaner model'. \n\nVirgin Australia’s administrator Deloitte revealed final bids were submitted from Bain Capital and Cyrus Capital Partners and has a week to decide which plan to adapt for its relaunch. \n\nMr Milne told Sky News Virgin Australia had a good CEO in Paul Scurrah, whom both Bain and Cyrus said they would keep on board. \n\n“The biggest concern I have at the moment with the Virgin model is speed to market, as the domestic travel restrictions start to be lifted, Qantas is taking advantage of that very quickly,” he said. \n\n“Qantas is going to take advantage of this opportunity and Virgin need to be there as well to start that competitive tension with Qantas again.” \n Profitability and commercial viability is critical to competing and kicking competition arse
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Virgin Australia offers locked in as bidding race hits final straightVirgin Australia's administrator Deloitte has received binding bids from Bain Capital and Cyrus Capital Partners and now has one week to decide which has the best plan to relaunch Australia's bankrupt second airline | pwhatch
Source: smh - 🏆 6. / 80 Read more »
Virgin Australia offers locked in as bidding race hits final straightVirgin Australia's administrator Deloitte has received binding bids from Bain Capital and Cyrus Capital Partners and now has one week to decide which has the best plan to relaunch Australia's bankrupt second airline | pwhatch
Source: smh - 🏆 6. / 80 Read more »
Virgin Australia has opportunity to reinvent itself 'leaner and meaner' | Sky News AustraliaAir Niugini CEO and former Qantas executive Alan Milne says Virgin Australia has an opportunity to reinvent itself and 'come out with a leaner and meaner model'. \n\nVirgin Australia’s administrator Deloitte revealed final bids were submitted from Bain Capital and Cyrus Capital Partners and has a week to decide which plan to adapt for its relaunch. \n\nMr Milne told Sky News Virgin Australia had a good CEO in Paul Scurrah, whom both Bain and Cyrus said they would keep on board. \n\n“The biggest concern I have at the moment with the Virgin model is speed to market, as the domestic travel restrictions start to be lifted, Qantas is taking advantage of that very quickly,” he said. \n\n“Qantas is going to take advantage of this opportunity and Virgin need to be there as well to start that competitive tension with Qantas again.” \n Profitability and commercial viability is critical to competing and kicking competition arse
Source: SkyNewsAust - 🏆 7. / 78 Read more »
SCG Trust to take control of all NSW stadiums after major mergerThe Berejiklian Government reveals plans to allow the SCG Trust to take control of all the state's stadiums as part of a merger with Venues NSW it claims will make it easier to attract 'blockbuster' events. Even the headline is wrong. Is this an error or a lie? needs to change its name to abcsports. Enough with the sports coverage already! A not so subtle comment by the ABC on its thoughts of the merger by showing pictures of both the SCG and ANZ Stadium in inclement weather
Source: abcnews - 🏆 5. / 83 Read more »
Brad Pitt reveals which of his movie roles makes him winceHe’s starred in plenty of amazing movies over the years, but Brad Pitt has revealed there’s one film that he hates watching back. No one fkn cares
Source: newscomauHQ - 🏆 9. / 77 Read more »