A Virgin Australia unsecured bondholder has launched legal proceedings to uncover confidential details of the sale of the embattled airline to Bain Capital, with the administrators now facing three disputes in the wake of the administration.
Virgin Australia unsecured bondholders have launched an application with the Takeovers Panel in a bid to stop the sale of the embattled airline to Bain Capital, claiming certain elements of the administration process were “unacceptable”.
Virgin’s administrators have reached a deal with Bain Capital to buy the airline and its subsidiaries, saying Friday US investment firm had made a “strong and compelling” bid to keep Australia’s second airline operating and secure the jobs of thousands of workers.
The competition regulator wants the High Court to hear its challenge to Pacific National’s $205 million acquisition of Aurizon’s Acacia Ridge Terminal in Queensland, saying the deal would entrench the rail freight carrier’s near monopoly on the east coast of Australia.
A settlement has been reached in a dispute between UK-based Hill & Smith Holdings and Australia-based Safe Barriers Pty Ltd over a patented road safety barrier system.
A court has granted a bid by two directors of Thai Airways to preserve the airline’s Australian assets as the company, which was hit hard due to the COVID-19 pandemic, undergoes an urgent restructure in Thailand.
Final bids for Virgin Australia were lodged on Monday by investment firm Bain Capital and private equity investor Cyrus Capital Partners, and the struggling airline’s administrators are giving themselves a week to pick a winner.
The Government has asked the Australian Competition and Consumer Commission to actively monitor the competitiveness of the domestic air travel market, which has been severely impacted by the COVID-19 pandemic.
Norway-based shipping company Wallenius Wilhlmsen Ocean AS has pleaded guilty to one charge of criminal cartel conduct, but told a court the penalty should be discounted from the maximum by over 50 per cent.
Virgin Australia’s administrators have whittled down the list of eligible bidders for the struggling airline to two, with investment firm Bain Capital and private equity investor Cyrus Capital Partners the only potential purchasers allowed to make final offers.