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Bondholders miss out on full returns
The report also revealed US private equity firm Bain Capital is offering $3.5 billion for Virgin Australia, with the return to the airline's unsecured creditors estimated between 9 and 13 cents on the dollar.

Virgin has more than 10,000 creditors, the bulk of which are its 9,000 employees, but which also include bondholders and aircraft lessors.

Bain's offer includes the payment of all $450 million in worker entitlements and all $2.3 billion of debt Virgin owes to secured creditors.

Deloitte estimated the return to unsecured bondholders would be between $462 million and $612 million.

There will be no return to Virgin's major shareholders which include Singapore Airlines, Etihad Airways, China's Nanshan Group and HNA and Sir Richard Branson's Virgin Group.
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