The sale of Virgin Australia to Bain Capital appears a little closer after bondholders, including Broad Peak Investment Advisers and Tor Investment Management, withdrew an alternative deal.
Bain Capital has more reason than most for hoping the deal goes through. It has agreed to pay a A$750 million ($543 million) break fee if it fails to buy the airline.
It made this eye-watering pledge, an exceptionally high break fee, “to underpin its commitment to the transaction”, Bain said in a statement to Bloomberg, which first reported the fee.
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