Virgin Australia's takeover by a US private equity giant could be derailed as the airline's key bond holders lodge a case with the Australian Takeovers Panel, challenging the deal.
They will argue that the "circumstances regarding the process conducted by the administrators [Deloitte] are unacceptable and have the effect of precluding an alternative" deal being presented to Virgin's creditors at their next meeting in mid-August.

Key points:

• Singapore-backed Broad Peak and Hong Kong-based Tor are challenging the Virgin Australia sale to Bain Capital
• Both investment firms are owed money by Virgin Australia
• They claim the sale process precludes an attempt to put an alternative offer to other Virgin creditors

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