US firm Bain Capital acquiring Virgin Australia
US private equity firm Bain Capital is buying Virgin Australia Holdings after buyout firm Cyrus Capital Partners withdrew its competing bid.
Transaction value hasn’t been disclosed but Bain says there will be a ‘significant injection of capital.’
Virgin Australia has been in administration for the past few months.
Its current shareholders – Singapore Airlines, Etihad Airways, HNA Group, Nanshan Group and Richard Branson’s Virgin Group – could get nothing as administrator Deloitte is unsure how much debt can be recovered.
The loss-making airline collapsed in April with debts of A$7 billion.
"Bain Capital has presented a strong and compelling bid for the business that will secure the future of Australia’s second airline, thousands of employees and their families," Deloitte said.
Australian Council of Trade Unions president Michele O’Neil said the deal will signal some job losses.
Bain had previously said it will protect Velocity frequent flyer accounts and flights already booked and paid for.
Cyrus Capital said it was forced to pull out as Deloitte stopped ‘meaningfully engaging with Cyrus to progress its offer.’
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025