Bain Capital will become the new owners of Virgin Australia after the shock announcement that Cyrus Capital Partners were withdrawing their bid.[spacer size=”20″]
The Voluntary Administrators of Virgin Australia have just confirmed they have entered into a formal “Sale and Implementation Deed” with Bain Capital, which will result in the sale and recapitalisation of the carrier.
Deloitte said under the deal no return to shareholders is anticipated, and at this stage, it is also not possible to estimate how much creditors will receive.
The Bain Capital deal is subject to minimal regulatory conditions, with the Federal Treasurer having already provided Foreign Investment Review approval.
A Report to Creditors will be provided together with the notice of a Second Creditors Meeting before the end of August 2020, the Administrators said.