Spiique co-founder David Hewish said the group was concerned all the value in Virgin – and the upside from a future recovery – would be handed over to its new investors.
Our suggestion was to do something to create an alternative – to fix the business plan with the support of the stakeholders and then compare that with whatever the sale process creates,” said Mr Hewish, a restructuring veteran formerly with EY and KordaMentha.
“It would have created a floor that was an alternative to liquidation.”
ACAP’s proposal included bondholders converting their debt to equity in the company, rolling it over into a recapitalised business or taking a cash dividend. Virgin could have been sold at a later date – and for a better price – once the bus…
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