Flying low

22 June 2020 By Alec Macfarlane

Buyout shop Bain and hedgie Cyrus are jostling to buy the carrier out of bankruptcy. The industry has foiled everyone from Warren Buffett to Gordon Gekko. David Bonderman’s TPG is one of the few with happy tales to tell. Replicating its success will require some fancy flying.

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Virgin Australia’s administrator allowed buyout shop Bain Capital and hedge fund firm Cyrus Capital Partners until June 22 to lodge binding offers for the airline, an extension of 10 days from the original date, Reuters reported on June 3, citing an unnamed source.

The administrator, Deloitte, is still seeking a binding deal by June 30, according to the report.

Virgin Australia entered voluntary administration in April after its long-running financial struggles were exacerbated by the Covid-19 pandemic.

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