Virgin Australia restructuring

30/4/2020
Corporate rescue

A$ 6.84 billion

Announced

30/4/2020


Overview:

  • Virgin Australia Holdings has entered voluntary administration amid the coronavirus crisis and a high debt load.
  • Consultancy firm Deloitte has been appointed as the administrator after the airline failed to secure a A$1.4 billion loan from the federal government.
  • Virgin owes A$6.84 billion to up to 12,000 creditors, including banks, lessors, airports, employees and bondholders.

Adam Majeed - IFLR1000

Jurisdiction:

Australia

Deal type:

Corporate rescue

Practice area:

Restructuring

Industry sector:

Aviation


Firms:

Party: BGH Capital (Creditor)


Party: Deloitte (Administrator)

Party: Virgin Australia Holdings (Debtor)

Lawyer: Timothy Sackar


Party: Committee of bondholders (Creditor)