Virgin Australia Holdings Ltd's administrator said on Monday that it had received final offers for Australia's second-biggest airline from Bain Capital and Cyrus Capital Partners and that it hoped to select a preferred bidder by June 30.
) administrator said on Monday that it had received final offers for Australia’s second-biggest airline from Bain Capital and Cyrus Capital Partners and that it hoped to select a preferred bidder by June 30.
Bondholders are working on a revival plan for the airline involving a debt-to-equity swap if they are not satisfied with the bid the administrator chooses, according to a person with knowledge of the matter. Bain and Cyrus have both proposed to operate the airline as a smaller, single-branded domestic and short-haul international carrier with growth potential, administrator Vaughan Strawbridge of Deloitte said in a statement. Australia’s Foreign Investment Review Board has approved both bids, he said.
The airline owes about A$2 billion total to 6,500 unsecured bondholders, the second-most numerous creditor group behind employees that will vote on a deal at a meeting in August.
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