Virgin Australia Holdings Limited (ASX:VAH)'s administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly AUD 7 billion ($4.58 billion). Administrators from Deloitte Australia were appointed this month to restructure and sell Virgin, making it the Asia-Pacific airline industry's biggest victim of the coronavirus crisis. The administrators this week issued an information memorandum and opened a data room for interested parties that had signed non-disclosure agreements, administrator Vaughan Strawbridge said at the meeting on April 30, 2020, a creditor told Reuters.

Strawbridge said the airline expected high-quality bids, but he did not name the parties, according to the creditor, who declined to be named for fear of breaching confidentiality. A Deloitte spokesman did not immediately respond to a request for comment. Private equity and distressed situation specialists Apollo Global Management, Inc. (NYSE:APO), Oaktree Capital Management, L.P. and BGH Capital are among more than 10 firms to express interest in the restructuring, Reuters has reported, citing five sources.