News: VAH Virgin Australia Administrators Say In Creditors Interest To Approve Deal Proposed By...

Aug 25 (Reuters) - Virgin Australia Holdings Ltd (VAH) :

• RELEASE OF REPORT TO CREDITORS
• PROPOSED DOCA ENSURES UNSECURED CREDITORS RECEIVE A RETURN OF BETWEEN $462 MILLION AND $612 MILLION
• ADMINISTRATORS OPINION TO CREDITORS THAT IT IS IN THEIR INTEREST TO APPROVE DEED OF COMPANY ARRANGEMENT PROPOSED BY BAIN CAPITAL
• PROPOSED DOCA ENSURES ALL EMPLOYEE ENTITLEMENTS ARE PAID IN FULL, CUSTOMER TRAVEL CREDITS ARE HONOURED
• GIVEN THAT UNSECURED CREDITORS WILL NOT BE PAID IN FULL, THERE WILL BE NO RETURN TO SHAREHOLDERS OF VAH
• UNDER DOCAS, ADMINISTRATORS WILL MAKE AN APPLICATION TO COURT FOR TRANSFER OF SHARES IN VAH TO BAIN
• THE BAIN ARRANGEMENTS CANNOT BE SUCCESSFULLY COMPLETED UNTIL COURT APPROVES APPLICATION

Source text https://bit.ly/2EuGj1d

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