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Virgin Australia creditors approve airline's purchase by Bain Capital

Virgin Australia Holdings Ltd's creditors on Friday voted in favour of the purchase of Australia's second-biggest airline by US private equity group Bain Capital

Virgin Australia | Bain capital

Reuters  |  SYDNEY 

Virgin Australia
Virgin Australia

SYDNEY (Reuters) - 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)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, September 04 2020. 09:33 IST