Virgin Australia administrator picks Bain Capital, Cyrus as final bidders

Administrator Deloitte said they had been selected from five non-binding proposals received on Friday. It is seeking a binding agreement with the winning bidder by June 30.

Virgin Australia Holdings Ltd’s (VAH.AX) administrator said on Tuesday it had selected Bain Capital and Cyrus Capital Partners as the final bidders for the country’s second-biggest airline.

The others that had lodged proposals included BGH Capital, Indigo Partners and Brookfield Asset Management, Reuters had previously reported.

Virgin owed nearly A$7 billion ($4.76 billion) to creditors when it entered voluntary administration in April with its long-running financial struggles exacerbated by the coronavirus pandemic.

The next phase for the parties on the final shortlist will include further engagement