Virgin Australia Holdings Ltd's administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly A$7 billion ($4.58 billion).
) administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly A$7 billion .
Administrators from Deloitte Australia were appointed this month to restructure and sell Virgin, making it the Asia-Pacific airline industry’s biggest victim of the coronavirus crisis. Strawbridge said the airline expected high-quality bids, but he did not name the parties, according to the creditor, who declined to be named for fear of breaching confidentiality.Private equity and distressed situation specialists Apollo Global Management, Oaktree Capital Management and BGH Capital are among more than 10 firms to express interest in the restructuring, Reuters has reported, citing five sources.
Virgin owes A$2.3 billion in secured debt to banks and aircraft financiers, A$2 billion to unsecured bondholders, A$1.9 billion of aircraft lessors, and A$450 million to employees.
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