Bain Capital on Sunday said it was preparing a second-round proposal to buy Virgin Australia Holdings Ltd , as the private equity group positioned itself as the 'strongest' suitor to turn around the bankrupt airline.
SYDNEY - Bain Capital on Sunday said it was preparing a second-round proposal to buy Virgin Australia Holdings Ltd , as the private equity group positioned itself as the “strongest” suitor to turn around the bankrupt airline.
Bain said in a statement it was “preparing a second-round proposal to become the owner and operator of Virgin Australia ... with a long-term mindset and commitment to a well-funded, successful airline”. Binding offers for Australia’s second-biggest airline will be required from a smaller set of short-listed candidates by June 12, with a sale expected by the end of that month, the Deloitte administrators have said.
“We know aviation isn’t going to return to normal any time soon, but Bain Capital is here for the long haul with deep funding to navigate these difficult times,” said Bain Capital Sydney-based managing director Mike Murphy.Bain, which owns Trans Maldivian Airways, did not specify the value of its bid, but said it was “supported” by Jayne Hrdlicka, the former head of Qantas budget airline Jetstar.
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