Virgin Australia bondholders withdraw plans for proposal to rival Bain Capital deal

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Singapore’s Broad Peak and Hong Kong’s Tor Investment Management had proposed the rival deed of company arrangement (DOCA) to recapitalise the airline, which is in voluntary administration.

The bondholders’ spokesman said a court ruling this week made it impossible to complete due diligence and present a substantially unconditional DOCA proposal to rival Bain’s at a creditors’ meeting on Sept. 4.