Virgin Australia Holdings Limited and subsidiaries has been saved
Virgin Australia Holdings Limited and subsidiaries
Chapter 15 information (United States)
On 20 April 2020 (AEST), Virgin Australia Holdings Limited (Administrators
appointed Vaughan Strawbridge, John Greig, Salvatore Algeri, and Richard Hughes of Deloitte as Joint and Several Administrators pursuant to the provisions of Section 436A of the Corporations Act 2001. Appointed) and certain of its affiliates (Virgin Australia)
On 30 April 2020 (AEST), Virgin Australia filed petitions pursuant to chapter 15 of the Bankruptcy Code (Chapter 15 Cases) for recognition by the United States Bankruptcy Court for the Southern District of New York of their voluntary administration proceedings in Australia under the supervision of the Federal Court of Australia, New South Wales.
The Chapter 15 cases are pending before the Honorable Judge Lane, and the lead case number is 20-11024 (the cases will be jointly administered). A hearing on the recognition of the Australian proceedings as the “foreign main proceeding” is set for 4.00pm, 21 May 2020 EDT (6.00am, 22 May 2020 AEST). Objections are due by 14 May 2020 EDT.
The filing of the petition triggered the application of the automatic stay under the United States Bankruptcy Code which prohibits actions by creditors against any assets that the Virgin Australia entities in Administration have or may have in the United States. The automatic stay also prohibits any attempts to collect on claims and prohibits the commencement of any proceedings against Virgin Australia in the US. All claims will be addressed in the main Australia proceeding.
The filing of the petitions also enables the Administrators to continue working with their advisory team on the ongoing restructuring and recapitalisation efforts for the benefit of all stakeholders, without the concern of individual creditor action.
Virgin Australia filed the Chapter 15 Cases to protect ongoing global operations, and to ensure fairness to all creditors and stakeholders, wherever located, by preventing commencement of competing proceedings in other jurisdictions. The Administrators are working with their advisors and the management team on restructuring and recapitalization options for Virgin Australia and to provide a platform for enhanced profitability and viability of Virgin Australia when COVID-19 impacts break. Neither the Voluntary Administration, nor the Chapter 15 Cases, will disrupt Virgin Australia’s ongoing operations in the United States with respect to the repatriation of Australian citizens and cargo services between the United States and Australia.
No proofs of claim or debt need to be filed in the Chapter 15, all proofs of debt will be filed with the Administrators.
- Motion for Recognition of Bain DOCAs and s444GA Order
- Order Granting Recognition of Foreign Main Proceedings (Supplemental Verified Petition)
- Recognition Hearing Dial In Details – 18 September (US)/19 September (AU)
- Notice of Recognition Hearing – 18 September (US)/19 September (AU)
- Notice of Status Conference - 13 August (US)/14 August (AU)
- Status Conference Dial In Details - 13 August (US)/ 14 August (AU)
- Notice of Voting Record Date for USD Notes
- Status Conference Dial In Details
- Notice of Status Conference
- Recognition Hearing Transcript
- Recognition Order
- Circular to Noteholders
- Chapter 15 Recognition Hearing Dial In Details
- Order approving Joint Administration of the Chapter 15 Proceedings
- Chapter 15 Petition for Recognition of a Foreign Proceeding
- Verified Petition
- Declaration of Foreign Representative
- Motion for Order Scheduling Recognition Hearing
- Order Scheduling Recognition Hearing
- Motion for Order Directing Joint Administration of Cases
- Notice of Commencement
- Virgin Australia Insolvency Case Information