Virgin Australia’s administrators Deloitte have reduced the five prospective candidates for the airline to Bain Capital and Cyrus Capital Partners.
Vaughan Strawbridge, joint administrator and restructuring services partner said the five non-binding indicative proposals that were received by Friday had now been further short-listed to two preferred bidders of Bain and Cyrus.
“Both Bain Capital and Cyrus Capital Partners are well-funded, have deep aviation experience, and they see the real value of the business and its future,” he said.
According to Strawbridge there had been strong interest from potential buyers for the Virgin Australia business and he said he was confident of delivering the best possible commercial outcome for all creditors, and to see a strong and sustainable Virgin Australia emerge from this process.
“It is still the intention to have a binding agreement in place by 30 June, which remains unchanged. There will also be speculation that entities associated with the parties that have not moved into this next phase, as well as others, could become involved in some capacity with the remaining parties. That will, of course, be a matter for them,” he said.