Aviation

“Unacceptable”: Virgin Australia bondholders attempt to spoil Bain’s takeover deal

Huntley Mitchell

Huntley Mitchell

There could still be one final twist in the sale of Virgin Australia, with some of the airline’s bondholders challenging the deal.

The federal government’s Takeovers Panel revealed yesterday that it had received an application from Broad Peak Investment Advisers and Tor Investment Management in relation to sale of Virgin.

Both groups, who are key bondholders for the airline, are claiming that “certain circumstances regarding the process conducted by the administrators are unacceptable” and are preventing them from presenting an alternative offer at the much-anticipated creditors’ meeting next month.

“The applicants seek interim orders regarding access to information including to the terms of the Bain proposed transaction,” a statement by the Takeovers Panel read.

“The applicants seek final orders, including orders to enable the applicants to make an alternative proposal.”

The Takeovers Panel noted that a sitting panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.

“The panel makes no comment on the merits of the application,” it said.

In response to the application, a spokesperson for Virgin Australia’s administrators told Travel Weekly: “The administrators have undertaken a process which has resulted in a sale to Bain Capital, and which provides certainty for the future of the airline and delivers the best outcome for all creditor groups that could be achieved in the circumstances.

“Further details of the sale will be made available in the administrators’ report to creditors before the next meeting of creditors, currently expected to be held by the end of August 2020.”

This isn’t the first time that Virgin bondholders have attempted to make a play for the airline, having lobbed a last-minute offer right before the administrators at Deloitte decided to go with Bain Capital.


Featured image source: iStock/Ryan Fletcher

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Cruise

Viking ups its marketing tools for Aussie agents

Looking to impress your friends and colleagues with some very specific cruise ship fun facts? You’ve come to the right place.

Share

CommentComments

Destinations

Giant 2,000-year-old cat mural found in Peru

A huge drawing of a cat relaxing has been uncovered in Peru’s Nazca Desert, and now we know where we’re headed the second international borders open.

Share

CommentComments

Destinations

Queensland to reopen borders to NSW (except for Sydney)

Sydneysiders were seen kicking cans down the street this morning while shaking their fists in Queensland’s general direction following the announcement.

Share

CommentComments

Travel Agents

Helloworld’s retail network “largely intact”, as company lays out border and travel ‘bubble’ forecasts

by Huntley Mitchell

Travel Weekly has poured over Helloworld’s quarterly update to bring you this package of highlights.

Share

CommentComments

Technology

Emirates unveils new NDC-powered gateway for travel agents

Have you always found Emirates’ online trade platform to be a little clunky and lacking in capabilities? Relieve your tech-induced pain here.

Share

CommentComments

Road & Rail

Velocity Frequent Flyer partners with Hertz-owned car share company

Are you seeking other ways to boost your Velocity points than by buying a case of Virgin Wines or signing up for another credit card? Look no further.

Share

CommentComments

Hotels

NSW introduces strict new laws to regulate short-term rental market

The new laws include a ‘three strikes and you’re out’ approach for irresponsible hosts. However, that’s not to say they will be forced to wield baseball bats or chew tobacco.

Share

CommentComments

Cruise

Royal Caribbean updates 2021/22 Aussie sailings

The cruise line has also launched a new agent-focused campaign to help you get clients booking early.

Share

CommentComments

Wholesalers

Intrepid slashes prices for NT trips

Show your clients that they don’t need to leave the country to experience epic scenery with this banger deal from Intrepid.

Share

CommentComments

Aviation

Qatar Airways entangled in online recruitment scam

Adding to its already horrendous news week, the airline has become embroiled in an online recruitment scam.

Share

CommentComments

Wholesalers

“It’s good business to have”: Contiki boss talks pivoting to domestic and why agents should target youth travellers

Adam Armstrong began his stint at Contiki at an interesting time, to say the least. Here’s his game plan for the brand and his advice for agents.

Share

CommentComments

Travel Agents

Flight Centre boss demands proof of Queensland’s border closure advice

Skroo’s patience with the Queensland government is wearing thin, after making yet another request to see the medical advice that influenced the state’s border closure.

Share

CommentComments