Virgin appoints new chairman as it prepares for IPO

Under a Deed of Compromise approved by the country’s Supreme Court, all shares in Air Vanuatu will be turned over to the government-owned company AV3 and the airline handed back to its management.

Financial services firm Caspar, Balthazar & Melchior (CB&M) was sensationally called in as administrator overnight following days of speculation about the carrier’s future, with insiders criticizing Claus’ decision to invest in an expensive 7…