11th hour Virgin Australia bid

Virgin Australia bondholders have made an 11th hour bid to try to recapitalise the airline, two days after Administrators Deloitte received final offers from the two final bidders, Bain Capital and Cyrus Capital Partners. Under the bondholders proposal they would recaptilise the airline to the value of $800 million with an additional $125 million to…

Virgin Australia bidders narrowed down to two

Local media is reporting that Deloitte have narrowed Virgin Australia’s potential buyers down to two – Bain Capital and Cyrus Capital Partners. The original shortlist also included US based budget airline investor Indigo Partners and Australian company BGH Capital. Bain Capital has $US105 billion ($A155 billion) in assets under management and has former Jetstar chief…

Report: “Animal Farm” culture at Airservices Australia

Airservices Australia released a report from former Sex Discrimination Commissioner Elizabeth Broderick today. ABC Australia reports the “A Review of Culture at Airservices Australia” report was commissioned to study the internal culture at the government owned organisation. “Specifically relating to bullying, harassment, sexual harassment, psychological welfare and inclusion.” The report found a “Lord of the…

Reports: Virgin Australia buyers shortlisted to four

Virgin Australia’s Administrators have shortlisted 4 potential buyers for the airline. The list was whittled down from at least 8 non-binding bids that were received on Friday. ABC News reports the shortlisted buyers are US private investment firm Bain Capital, Australian private equity firm BGH Capital, US airline investor Indigo Partners and global investor Cyrus…

Queensland Government in bid for Virgin Australia

The Treasurer of the Queensland state government, Cameron Dick, revealed that the state had told it’s investment arm, QIC to explore a bid for Virgin Australia. The investment arm could take a direct equity stake, offer loans, guarantees or incentives to another bidder. Mr Dick said in a statement, “We have been very clear —…

ALERT Perth Airport blockades Virgin Australia planes

Perth Airport in Western Australia blockaded 4 Virgin Australia planes over $16 million of unpaid invoices. Perth Airport told ABC News that taking the action is standard practice. A spokesperson told ABC, “Maintaining a two-airline system in Australia post-COVID-19 is absolutely essential for the aviation and tourism sectors, and the broader economy. Virgin has significant…

Virgin Australia officially in Administration, continues flights

In a statement to the Australian Stock Exchange, Virgin Australia confirmed confirmed it had placed itself into Voluntary Administration. The statement said the move would enable a recaptilisation of the business. pic.twitter.com/b7xW5NDANo — Virgin Australia (@VirginAustralia) April 20, 2020 Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes from Deloitte have been appointed as the…