Virgin Australia: Deloitte hosts first virtual creditors meeting

    Virgin Australia reported (30-Apr-2020) Deloitte Restructuring Services held the first virtual meeting of creditors on 30-Apr-2020, with approximately 1300 creditors and their representatives joining the meeting. One outcome was the appointment of a Committee of Inspection. Virgin reported “A large number of parties have expressed an interest” in the sale, with eight companies signing non-disclosure agreements and negotiations continuing with a further 12. Morgan Stanley has been appointed, alongside Houlihan Lokey, to run the sale process. Deloitte sought an extension of the convening period of three months, based on the scale and scope of their work to position the business for a successful sale. Deloitte Restructuring Services partner Vaughan Strawbridge stated: “We remain confident that our target of achieving a sale by the end of June is achievable” and the process is “moving quickly”.