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.

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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".

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