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 hadconsistently 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