THE Administrators of Virgin Australia say that the sale to the successful bidder for the carrier is binding, with Bain’s offer the only option giving certainty of a completed transaction.
The Bain deal also provided immediate funding required to trade the business, and the best outcome for creditors as a whole, according to Deloitte.
An update on Fri confirmed that full details of any payout to creditors will be revealed on 19 Aug prior to the formal Second Creditors Meeting.
Money is owed to trade creditors ($167m), landlords ($71m), lenders and aircraft financiers & lessors ($4.17b) and bondholders ($1.988b), along with staff ($451m) and customers with flight credits ($604m).
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Source: traveldaily