Virgin co-founder breaks silence over role in rebel bondholder bid

Virgin Australia co-founder Rob Sherrard has broken his silence over his role in a push by bondholders to take ownership of the bankrupt airline and revealed he has enlisted the help of other former Virgin executives. Hedge funds Broad Peak Investment Advisors and Tor Investments are trying to upend the sale of Virgin to US private equity firm Bain Capital and want ownership instead handed to bondholders owed a combined $2b. Sherrard, who founded the airline as Virgin Blue almost 20 years ago, has been advising the group and on Thursday revealed he was also working with former Virgin CFO Manny Gill, former network operations manager Andrew Lillyman, founding HR manager Bruce Highfield and its former PR boss Heather Jeffery. "In simple terms, we are proud investors and supporters of Virgin Australia and its people," Sherrard said. "We believe in the airline, firmly support the vision of management and are confident that Virgin can return to being a successful airline." Virgin's administrators Deloitte has said the bondholders' plan cannot be considered because it has already signed a binding sale deed with Bain. Despite that, the bondholder are taking court action to try and force Deloitte to put their alternative proposal to a vote at its second creditors' meeting in September.<br/>