The bidding war for Virgin Australia has entered its final stage, with Bain Capital and Cyrus Capital Partners submitting their binding offers for the distressed airline to its administrators from Deloitte.
Administrator Vaughan Strawbridge said both bidders had already received Foreign Investment Review Board approvals and confirmed his team would aim to pick a preferred buyer by June 30.
"Both have previously flagged some of their thinking around a future-state carrier publicly, including operating a smaller, single-branded domestic and short-haul international airline that also has growth potential," he said in a statement.
Binding bids have been lodged for Virgin. AP
"Ultimately, the size of the airline will be dependent on the timing and level of demand by customers as travel restrictions are eased."
The statement did not say whether Deloitte had received a third unsolicited proposal from Virgin's 6000 bond and noteholders.
"On the basis of their public statements, both bidders are committed to seeing a strong, competitive and sustainable Virgin Australia operating into the future, employing many thousands of Australians, and supporting the tourism industry and state and national economies," Mr Strawbridge said.
"Since confirming them as our preferred bidders, we, our advisers and the Virgin Management team have spent the last three weeks working closely with their teams, to enable them to complete their due diligence and be in a position to submit their offers today."
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2020-06-22 02:01:00Z
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