Virgin bondholders to put forward sale alternative

Tough times: Grounded aircraft operated by Virgin on the tarmac at Sydney Airport. The Bain deal will be subject to a vote by creditors at a meeting in August. — Bloomberg

SYDNEY: Virgin Australia Holdings Ltd bondholders have applied to the Takeovers Panel for approval to allow them to make an alternative proposal to creditors for the sale of the airline to private equity group Bain Capital, the panel said.

Singapore’s Broad Peak Investment Advisers and Hong Kong’s Tor Investment Management are also seeking interim orders allowing them to access information including the terms of the Bain transaction, the panel said in a statement.