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Virgin Australia in voluntary administration

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Virgin Australia and its administrator Deloitte have wrapped up a long weekend of negotiations by shortlisting four parties for the auction's second round. Australian Financial Review can reveal the four parties are financial sponsors Bain Capital and BGH Capital, US aviation firm Indigo Partners and New York-based investor Cyrus Capital Partners, which was previously invested alongside Richard Branson in Virgin America.

The first surprise was the emergence of Cyrus Capital Partners. Cyrus Capital is based in the US and has a presence in Europe. It recently led a consortium that owned British regional airline Flybe, before it went into administration in March. Virgin Atlantic, which is 51 per cent owned by Richard Branson's Virgin Group, was also in the consortium, and the plan was to rebrand the airline as "Virgin Connect"

The second was that Canadian investor Brookfield did not make the cut. It is understood Brookfield wasn't keen on being in a process with more than two bidders given the compressed timetable and complexity, and made that known to Deloitte and its bankers.

The second round starts on Monday. Final bids are due on June 12.
 
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Virgin Australia uppköp nu klart. Ser lovande ut på pappret. Tydligen skall resekrediter honoreras. Klistrat in första stycket av länken från Executive traveller.

Here is what Bain's Virgin Australia 2.0 will look like - Executive Traveller


Virgin Australia is set to soar again, this time under the ownership of US-based global investment giant Bain Capital, which will pay a multi-billion dollar bounty to buy the airline, bail out its debt and reboot the challenger onto a new course.

And Bain says it's a stayer, not a player, with local managing director and former Olympic diver Mike Murphy attesting "we are determined to see that Australians have access to competitive, viable aviation services for the long-term... and ensure the airline emerges offering exceptional experiences at great value while continuing to service business travellers, as well as those of us travelling for fun or to visit loved ones."

And to ensure there's plenty of goodwill to go around, Bain will honour all travel credits held by passengers on cancelled flights.
 
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