Virgin Australia creditors approve airline's purchase by Bain Capital

SYDNEY (Reuters) - Virgin Australia Holdings Ltd's creditors on Friday voted in favour of the purchase of Australia's second-biggest airline by U.S. private equity group Bain Capital, according to a statement from the Transport Workers' Union.

The union, representing some of Virgin's 9,000 employees, said it welcomed approval of the deal, which will allow the carrier to exit voluntary administration.

Virgin entered administration in April owing A$7 billion ($5.1 billion) to creditors after suffering from a sharp plunge in demand due to the coronavirus pandemic.

 

($1 = 1.3765 Australian dollars)

 

(Reporting by Jamie Freed; Editing by Tom Hogue)