News: VAH Virgin Australia Administrators Say Creditors Approve Purchase By Bain Capital

Sept 4 (Reuters) - Virgin Australia Administrators:

• CREDITORS APPROVE PURCHASE BY BAIN CAPITAL
• SAY DEEDS OF COMPANY ARRANGEMENT WILL BE SIGNED & COMPLETED WITHIN 15 BUSINESS DAYS OF SEPT 4
• PROPOSED CREDITORS’ TRUST WILL BE CREATED TO ADJUDICATE CLAIMS & PAY DISTRIBUTIONS TO VIRGIN GROUP CREDITORS
• UNDER BAIN CAPITAL DOCA, UNSECURED CREDITORS TO GET BETWEEN 13 AND 9 CENTS IN THE DOLLAR ON THEIR CLAIMS
• TIMING OF PAYMENT OF DIVIDEND TO CREDITORS ESTIMATED AT BETWEEN 6 & 9 MONTHS FROM COMPLETION OF SALE TRANSACTION

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