Virgin Australia to fly again with new US owner Bain Capital

Sun Online Desk

26th June, 2020 10:59:45 printer

Virgin Australia to fly again with new US owner Bain Capital

 

Virgin Australia has been bought by US private equity group Bain Capital after falling into administration due to coronavirus travel restrictions.

The airline was struggling with long-term debt of A$5bn (£2.55bn; $3.17bn) even before the pandemic struck.

Australia's second biggest carrier had unsuccessfully asked for government loans before its collapse in April, BBC reported.

Virgin Australia is currently owned by a number of major shareholders including Sir Richard Branson.

Administrators for the airline, Deloitte, said on Friday that Bain would become the new owners, with the deal expected to be completed by the end of August.


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