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Virgin bondholders back with new class action naming former CEO

Lucas Baird

Virgin Australia, its former chief executive and chairman are facing a class action lawsuit from one-time bondholders who feel they deserved a better return from the airline’s sale to Bain Capital than they actually received.

The cohort had consistently made noise throughout the carrier’s voluntary administration in 2020, upset that the $2 billion they were due was written down to just 13¢ in the dollar with the sale to the US private equity outfit.

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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com

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    Original URL: https://www.afr.com/companies/transport/virgin-bondholders-back-with-new-class-action-naming-former-ceo-20220513-p5al1k