Deloitte confirms Bain Capital and Cyrus Capital Partners as final bidders for Virgin Australia.
Vaughan Strawbridge, the Joint Administrator of Virgin Australia Holdings, has just announced the next stage of the sale process of the carrier, with the confirmation there are now two preferred bidders.
After receiving five non-binding indicative proposals, the short-list comprises Bain Capital and Cyrus Capital Partners.
Both finalists are “well-funded, have deep aviation experience, and they see real value in the business and its future,” Strawbridge said, saying his team would now spend the coming weeks facilitating in-depth bidder engagement with the stakeholders of the business in the lead-up to binding final offers being received.
“The strong interest coming from all parties has generated the competitive tension we have sought that is important in a process such as this, and we are in a strong place when it comes to delivering the best possible commercial outcome for all creditors and to see a strong and sustainable Virgin Australia emerge from this process,” he added.
Strawbridge said it was still the Administrators’ intention to have a binding agreement in place by 30 June.
More details in tomorrow’s issue of Travel Daily.