Virgin Australia Holdings Limited administrators select Bain Capital for sale and recapitalisation

    Virgin Australia Holdings Limited announced (26-Jun-2020) the voluntary administrators John Greig, Sal Algeri, Richard Hughes and Vaughan Strawbridge entered into a sale and implementation deed with Bain Capital which will result in the sale and recapitalisation of the business of Virgin Australia and its subsidiaries. No return to shareholders is anticipated and it is not possible to determine the estimated return to creditors. The sale and implementation deed is subject to minimal conditions precedent, including regulatory approvals. The administrators anticipate their report to creditors of section 75-225(3) of schedule 2 to the Corporations Act will be provided to creditors together with the notice of the second creditors meeting convened pursuant to section 439A of the Corporations Act, before the end of Aug-2020.