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Virgin investors wiped out in Bain deal as bondholders brace for spare-change return – Sydney Morning Herald

Virgin bondholders remain in the dark about how much of the $2 billion they are owed will be repaid under the Bain deal, but fear it will be as low as 6.5¢ in the dollar.

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The bondholders expect Bain to make savage cuts to Virgin’s cost base, including by laying off and paying redundancies to 4000 workers. They expect the firm to cut Virgin’s fleet of 132 aircraft back…

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