As expected, Virgin Australias creditors have voted in favour of Bain Capitals takeover proposal for the airline.
Creditors convened earlier today to cast their vote, with Virgins administrators recommending all along that Bains proposed deeds of company arrangement (DOCAs) would result in the best outcome for them and the airlines future as it emerges from voluntary administration.
According to the administrators report to creditors, Bains proposed DOCAs ensures all employee entitlements are paid in full, customer travel credits are honoured, a number of supply and finance arrangements continue, and unsecured creditors receive a return of between $462 million and $612 million (or between nine and 13 cents in the dollar).
While not spec…
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