Business
Virgin Australia lands new owners as creditors back Bain buyout – Sydney Morning Herald
The sale process marks the return of Australia’s second carrier, which had been facing the prospect of complete shutdown and liquidation if no willing bidder was found.
Virgin Group founder Richard Branson and members of the union representing the bulk of workers at the collapsed airline, the Transport Workers Union, voted in supported the deed of company arrangement put forward by Bain at Friday’s meeting. Bain’s proposal also won the support from members of the Australian Federation of Air Pilots, Virgin Independent Pilots Association and the Australian Licensed Aircraft Engineers Association.
Bain Capital managing director Mike Murphy said in a short statem…
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