Virgin Australia administrator picks Bain, Cyrus Capital as final bidders

04 Juin, 2020, 14:20 | Auteur: Auguste Feret
  • Two Virgin Australia planes at Brisbane Airport May 2014

Deloitte, the worldwide liquidation and bankruptcy firm appointed to sell Virgin Australia, has announced today a final bidder shortlist, which comprises of two companies, Cyrus Capital Partners, and Bain Capital.

The two bidders will have until June 12 to lodge binding bids for the airline, which went into administration on April 21 with debts of nearly $7 billion.

The decision leaves three non-binding proposals out of the running, which local media had named as being from Indigo Partners, BGH Capital, and Brookfield Asset Management.

Over the weekend and the past two days, the Administrators John Greig, Sal Algeri, Richard Hughes and Vaughan Strawbridge and their advisors assessed the five non-binding indicative proposals received on Friday.

Virgin owed creditors almost A$7 billion (3.86 billion pounds) when it entered voluntary administration in April, with its long-running financial struggles exacerbated by the coronavirus pandemic.

Austria approves plan to turn Hitler's birthplace into a police station
A rock outside which reads "Fascism never again" is to be moved to a museum in the capital Vienna. Work is expected to be completed by 2023 and will cost about €5m ($5.6m; £4.5m).

Coronavirus: l'OMS annonce reprendre les essais cliniques avec l'hydroxychloroquine
L'institution avait décidé de les suspendre suite à une étude aujourd'hui controversée publiée dans la revue The Lancet .

4th-gen Hyundai Santa Fe unveiled
The new-look Santa Fe will launch in Australia in the second half of 2020, with exact timing and details still to be revealed. The New Santa Fe's redesigned interior now provides more space, comfort, and convenience compared to the previous model.

Bain, which owns Trans Maldivian Airways, is being advised on its Virgin offer by Jayne Hrdlicka, the former head of Qantas budget airline Jetstar.

Meanwhile, Cyrus Capital Partners is a US-based investor, which was a cornerstone investor in the creation of the now-defunct Virgin America airline.

"We will now spend the coming weeks facilitating in-depth bidder engagement with the stakeholders of the business and work closely with the preferred bidders in the lead up to binding final offers being received".

Deloitte said: "Bain Capital and Cyrus Capital are well-funded, have deep aviation experience, and they see real value in the business and its future".



37 children injured in a knife attack at elementary school in China
The incident at the Wangfu Central Primary School happened at 8:30am (00:30 GMT) when children would normally arrive for class. A homemade explosive killed eight people and injured dozens outside a kindergarten in Jiangsu province in June 2017.

Kate Middleton and Prince William's Lawsuit Has 'No Merit' Tatler Claps Back
One source shared about the connection with The Sun: "Pasternak is sticking to her story and saying her sources are good". It also labels Mrs Middleton "a awful snob" and snipes at Kate's younger sister Pippa as "too regal and try-hard".

Mercato : Guardiola en passe de doubler le PSG pour Bennacer ?
Manchester City est aussi intéressé, indique RMC Sport , et les contacts sont même plus poussés que pour le PSG . Manchester City aurait en effet bougé ses premiers pions afin d'attirer le champion d'Afrique 2019.

George Floyd's funeral to be held in Houston on June 9
However, the examiner pointed out that the man had several underlying health issues that might have contributed to his death. Aleccia Wilson, Director at Autopsy and Forensic Sciences at the University of MI , said she had examined Floyd's body.

Potentially risky asteroid would approach Earth on June 6
However, this asteroid is a space object that is potentially risky because its path is incompatible with the Earth. While there are around 30 predictions/year, the recent asteroid will only return after nine years.

Renewables hands-down cheaper than coal, new report
This global renewable energy boom would also stimulate $940bn in investment, or the equivalent of 1% of global GDP. Costs for solar and wind power technologies also continued to fall year-on-year.

Meghan Markles resurfaced video on experience with racism goes viral
The video is from the "I Won't Stand For..." campaign with the charity Erase the Hate. "I'm biracial. Meghan would go on to welcome her first child, Archie, with Prince Harry in 2019.

Ankara: 'Haftar will not win the battle in Libya'
The United Nations said on Monday that both sides had agreed to resume ceasefire talks. Over the past year, foreign powers have become increasingly involved in the conflict.

Four cops charged in George Floyd death, one with 2nd-degree murder
The protesters who gathered in the park Tuesday chanted slogans of "Black lives matter", "Don't shoot" and "Enough is enough". Second-degree murder and aiding and abetting second-degree murder are punishable by up to 40 years in prison.

La mère de la fille de George Flyod émue toute l'Amérique — Vidéo
Très émue, l'ex-compagne de George Floyd a déclaré: "Je veux que tout le monde sache ce que ces policiers ont pris". La fillette de 6 ans se tenait au côté de sa mère lors de sa prise de parole en une conférence de presse.