This article (of which part is below) appeared on 'The Australian' site at about 1800 hours on Monday 21 July 2020:
'Virgin’s [unsecured] bond holders have submitted a draft deed of company arrangement to its administrators on Monday, outlining a $3bn recapitalisation program for the airline in a bid to step up the pressure for their proposal to be taken seriously.
The draft proposal is aimed at allowing the representatives of some $2 billion in unsecured creditors to begin talks directly with unions representing some 9000 Virgin staff and other creditors including banks and aircraft lessors ahead of presenting an unconditional formal offer at the next creditors meeting on August 26.
Their debt for equity proposal is aimed at challenging a deal by the administrator, Deloitte’s Vaughan Strawbridge, and private equity fund Bain Capital to buy the airline signed on June 26. That deal is to be considered at a creditors’ meeting at the end of August.
A spokesman for the [unsecured] bondholders said on Monday that the group “firmly believed” that their proposal represented the best option for
Virgin Australia, its employees, creditors, stakeholders and the Australian community...
...“We are seeking to work cooperatively and constructively with the administrator and believe that Deloitte is well placed to assist with access to stakeholders and information ahead of the second creditors’ meeting in August to enable the deed of company arrangement (DOCA) to be finalised,” the spokesman said.
The debt for equity proposal put forward by the [unsecured] bond holders includes a proposed upfront $125 million cash injection and a debt for equity swap which would see Virgin’s $2bn in unsecured creditors end up with shares in an ASX listed Virgin...'
Further down it says:
'...The debt for equity proposal put forward by the [unsecured] bond holders includes a proposed upfront $125 million cash injection and a debt for equity swap which would see Virgin’s $2bn in unsecured creditors end up with shares in an ASX listed Virgin.
The [unsecured] bond holders, which include some 5500 “mum and dad” small investors and retirees, many of them in Queensland, as well as some 30 larger investors, are worried that they could end up receiving next to nothing for their investments from the Bain proposal.
Virgin’s administrator, Deloitte’s Vaughan Strawbridge, has already formally rejected the proposal by the [unsecured] bond holders, in favour of a binding offer by private equity fund Bain Capital.
But Strawbridge will now need to make a decision on how to handle the draft proposed deed.
Bain Capital is due to make its formal deed of company arrangement proposal on August 12. That proposal should include how much it proposes to give to the [unsecured] bond holders.
But the [unsecured] bond holders are not set to learn how much they will lose until they are given a formal report by the administrators, which is scheduled to be delivered on August 19, ahead of their meeting on August 26...'
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Note the changed date for the creditors' meeting: not 21 or 22 August, but 26 August 2020 which is a Wednesday. I don't know why it has been altered. (I am not a creditor).