Scurrah said he had worked closely with the Bain team during the bidding process and it had demonstrated a deep understanding of aviation and our culture. "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 and ensure Australia continues to enjoy the benefits of a competitive aviation sector," Deloitte said in the statement.While there was plenty of interest in buying Virgin Australia, there'll still be sighs of relief in the corridors of power that the airline has a new owner.For the government this is a win. . Virgin Australia has confirmed it has accepted Bain Capital’s offer to buy the airline. All rights reserved. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates.This self-driving car has no steering wheel or pedalsThis Mercedes-Benz concept car has no steering wheelThis 26-ton truck is driving itself on public roadsGetting approved for 1 of these cards means you have excellent creditThe fastest way to pay off $10,000 in credit card debtSwitch cards and save money on interest - Start now! Factset: FactSet Research Systems Inc.2018. ""Time is now of the utmost importance, and we cannot afford delay in getting the company back in the air for the benefit of its customers, its employees and the wider Australian economy," he added. Coronavirus: Branson offers Caribbean island to secure Virgin bailout Coronavirus: Branson to sell Galactic stake to prop up Virgin Hong Kong (CNN Business) Virgin Australia has found a new owner. "Bankrupt airline Virgin Australia has been bought by United States investment firm Bain Capital.
Our expertise in distressed investing and in aviation has enabled us to move quickly and deliver certainty to Virgin Australia during a very difficult time. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. "We are aligned in our vision for Virgin 2.0 and look forward to working with them to secure the airline's future. "We are determined to see that Australians have access to competitive, viable aviation services for the long-term," wrote Mike Murphy, a managing director of Bain Capital, in a statement. It has also committed to retain thousands of jobs.In addition, a "significant injection of capital" would be made to help Virgin Australia recapitalise for the future, according to the statement.Bain and another US firm, Cyrus Capital Partners, had been in the running to buy the airline before Cyrus pulled out on Friday. Virgin Australia administrator Deloitte says it has agreed to sell the bankrupt airline to American private equity giant Bain Capital, after rival bidder Cyrus Capital Partners withdrew its rescue offer due to a "lack of engagement". Three frontrunners have emerged in the race to buy Virgin Australia.Before Friday’s deadline for non-binding initial offers, investment firms Brookfield, BGH Capital and Bain Capital have emerged as the favourite parties to lead consortiums that buy the beleaguered airline.Deloitte lead administrator Vaughan Strawbridge is keen to secure a new owner for Virgin by June 30.The company already owns ports and coal export terminals across the country, as well as private hospital operator Healthscope, international construction group Multiplex, and commercial real estate such as Brookfield Place in Perth.Further afield, it owns the Canary Wharf skyscraper in London and a smattering of other iconic properties across Europe and North America.Early reports suggested Brookfield was initially working with Macquarie Bank on a prospective bid for Virgin Australia, before the investment bank walked away from the partnership.In total, Brookfield owns $500 billion worth of assets across 30 countries and five continents.“Our reputation is that if you have a large transaction, if you have a difficult transaction . Etihad Airways owns 21% while Singapore Airlines, China’s Nanshan Group and HNA each own approximately 20%. . Virgin Australia owes almost $7b to more than 12,000 creditors. Virgin Australia, the trading name of Virgin Australia Airlines Pty Ltd, is an Australian based airline subsidary of Bain Capital. It is the largest airline by fleet size to use the Virgin brand. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors.
The airline employs about 10,000 people. Bain Capital to Buy Virgin Australia Out of Bankruptcy Shareholders, including Sir Richard Branson's Virgin Group, will probably be wiped out. Bankrupt airline Virgin Australia has been bought by United States investment firm Bain Capital. Bain Capital won the auction to acquire Virgin Australia, announced bankruptcy administrator Deloitte Thursday night. It commenced services on 31 August 2000 as Virgin Blue, with two aircraft on a single route. Rival bidder Cyrus pulled out of the race on Friday. Bain signs deal to buy Virgin Australia after Cyrus withdraws offer. Scurrah said in a statement from Bain that the proposal "offers the best possible future for Virgin Australia, its employees and its customers". All times are ET.
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