Virgin bidder Cyrus will safeguard Velocity points
One of the two final bidders competing to take over Virgin Australia has pledged to honour all Velocity Frequent Flyer points for its 10 million members.
Investment firm Cyrus Capital wrote to the Australian Federation of Travel Agents to convey that ‘rewarding customer loyalty is also important to Cyrus, especially at this time.’
"If Cyrus becomes the new owner of Virgin Australia, points held by members of the Velocity Frequent Flyer program will be protected and honoured," Cyrus senior adviser Jonathan Peachey wrote.
Cyrus would also honour tickets booked and paid for by Virgin Australia customers, something rival bidder Bain Capital has pledged to do.
Both bidders have made their final proposals, leaving administrator Deloitte to choose a winning bid.
The Flight Attendants Association of Australia and the Australian Licensed Aircraft Engineers’ Association are supporting the Cyrus bid, while the Transport Workers’ Union is still in discussions with both bidders.
"Both have previously flagged some of their thinking around a future-state carrier publicly, including operating a smaller, single-branded domestic and short-haul international airline that also has growth potential," said Deloitte administrator Vaughan Strawbridge.
"Ultimately, the size of the airline will be dependent on the timing and level of demand as travel restrictions ease."
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