Bain and Branson-linked Cyrus picked as final two bidders for Virgin Australia

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SYDNEY (REUTERS) – Virgin Australia Holdings' administrator said on Tuesday (June 2) it had selected private equity giant Bain Capital and Richard Branson-linked Cyrus Capital Partners as the final bidders for the country's second-biggest airline.

Administrator Deloitte said they had been selected from five non-binding proposals received on Friday. It is seeking a binding agreement with the winning bidder by June 30.

The others that had lodged proposals included BGH Capital, Indigo Partners and Brookfield Asset Management, Reuters had previously reported.

Virgin owed nearly A$7 billion (S$6.69 billion) to creditors when it entered voluntary administration in April with its long-running financial struggles exacerbated by the coronavirus pandemic. The airline is 20 per cent-owned by Singapore Airlines (SIA).

The next phase for the parties on the final shortlist will include further engagement with stakeholders and aircraft financiers as they seek agreements on future terms before binding bids are received, Deloitte has said.

The strong interest in Virgin at a time when the world aviation market is largely grounded shows the long-time attractiveness of the Australian domestic market, a duopoly between Qantas Airways and Virgin.

Bain, which owns Trans Maldivian Read More – Source