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Bain Capital offers $3.5b for Virgin – The Australian Financial Review

The return to the company’s unsecured creditors is put between 9¢ and 13¢ on the dollar in a report to creditors from Virgin’s administrators, Deloitte.

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Virgin, which fell into voluntary administration in late April, collapsed owing 10,000 creditors nearly $7 billion. The creditors will vote at a meeting on September 4 on whether to sell the company to Bain or liquidate it.
If they vote down the Bain deal, the administrators will adjourn the meeting and sell Virgin to the private equity firm under an asset sale agreement.
This option would result in unsecured creditors getting as little as 4¢ in the dollar.
The administrators also said Virgin…

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