Bain and Branson-linked Cyrus final two in race to buy Virgin Australia
Virgin Australia's administrators Deloitte have picked American private equity giant Bain Capital and the Richard Branson-linked firm Cyrus Capital as the final two bidders vying to buy and relaunch the collapsed airline.
The decision, finalised on Tuesday, sidelines three other bidders - local group BGH Capital and its partner AustralianSuper; American budget airline specialist Indigo Partners, and Canadian asset manager Brookfield - and kickstarts the final stage in the process to keep Virgin alive.
The final shortlist of bidders will have until June 12 to make binding offers for Virgin. Credit:AP
Bain and Cyrus have until June 12 to hold further meetings with Virgin's management, workforce, airline lessors and creditors ahead of making binding offers by June 12.
Virgin went into voluntary administration in April with debts of $6.8 billion after the coronavirus pandemic forced the already financially struggling airline to ground almost its entire fleet.
More to come