Yet another VA 'The Australian' article, this time (again) re the bondholders:
'Representatives of Virgin’s unsecured bond and note holders, who are owed around $2bn, have been allowed to access the airline’s data room by administrator Deloitte’s Vaughan Strawbridge in a move which could potentially give them greater negotiating power over the airline’s future.
The Australian understands the group, represented by advisory firm Faraday, has been invited by Mr Strawbridge to have access to sensitive commercial information about Virgin which would give it more
context to assess the nature of the bids offered by short-listed parties, Bain Capital and New York hedge fund Cyrus.
It would also give it more negotiating power to propose other options, including a potential recapitalisation of the airline which could see the note and bond holders continue to remain as creditors for the life of their current bonds, some extending out to 2024, rather than losing most of their money now, and having to do a deal when Virgin is at a low point.
Faraday represents the biggest group of unsecured creditors, ranging from more than 5000 “mum-and-dad” retail investors to about 30 major institutional bond holders.
The unsecured bond holders, some of whom invested in a $325m note raising launched by Virgin last November, are worried they could lose almost all their money in the current negotiations unless they can take a more proactive stance in negotiations.
Some Virgin notes are now trading at around 15-20c in the dollar..'.