SYDNEY - Virgin Australia Holdings Ltd on Tuesday succumbed to third-party led restructuring that could lead to a sale, making Australia's second-biggest airline the Asia-Pacific region's biggest vict
SYDNEY - Virgin Australia Holdings Ltd on Tuesday succumbed to third-party led restructuring that could lead to a sale, making Australia's second-biggest airline the Asia-Pacific region's biggest victim of the coronavirus crisis gripping the industry.
More than 10 parties have already expressed interest in recapitalising Virgin, which is continuing to fly a skeleton schedule under its current management team, said Vaughan Strawbridge of Deloitte. A sale is most likely to involve a deed of company arrangement, which is a binding agreement with creditors, and the aim is to complete the sale within a few months, he said.
Moody's said unsecured creditors were likely to take a significant haircut on the value of their debt as part of any deal, and that it might be preferable to putting the company in liquidation with uncertain recovery prospects. Virgin, which grew rapidly after the 2001 collapse of Australia's then second-largest carrier Ansett, has a share of around one-third of the domestic market but that could decline under a restructuring plan.
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