SYDNEY - Unsecured creditors of Virgin Australia Holdings will lose almost all their original investment under a deal to sell the collapsed airline to private equity firm Bain Capital.
The average return to those creditors will be between 9 per cent and 13 per cent, and even less if the proposed deal is voted down, administrator Deloitte said in a report on Tuesday . Shareholders including marquee names such as Singapore Airlines and Etihad Airways are getting nothing.Virgin Australia failed in April under A$6.84 billion of debt as coronavirus-related travel restrictions took their toll.
The carrier was almost entirely owned by four foreign aviation groups - SIA, Etihad and China's HNA Group and Nanshan Group - that each held 20 per cent stakes.
Source: News Formal (newsformal.com)
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