THE final two bidders for Virgin Australia have less than two weeks to make binding offers for the carrier, with VA Administrator Vaughan Strawbridge from Deloitte anticipating naming the final bidder by the end of Jun.
Bain Capital and Cyrus Capital Partners have been selected as preferred bidders from five non-binding indicative proposals lodged on Fri (TD breaking news).
Strawbridge said that the finalists were “well-funded, have deep aviation experience, and they see real value in the business and its future”.
Bain Capital, which is being advised by former Jetstar CEO Jayne Hrdlicka, has flagged its intentions to relaunch VA as a hybrid carrier “in the mould of the old Virgin Blue” but with airport lounges, and a regional and domestic network initially.
Cyrus has ties to Virgin founder Sir Richard Branson, having been one of the original backers of Virgin America and also collaborating in the Connect Airways consortium which took over the now defunct Flybe just over 12 months ago.
Strawbridge said the strong interest coming from all parties had generated the competitive tension Deloitte had sought.
“We are in a strong place when it comes to delivering the best possible commercial outcome for all creditors, and to see a strong and sustainable Virgin Australia emerge from this process.”
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Source: traveldaily