Business
Sale of Virgin Australia to Bain Capital during COVID pandemic was like no other in Australian corporate history, says administrator – ABC News
Bain Capital takes custody of the Virgin Australia airline after one of the most challenging administrations in Australia’s corporate history.
When Deloitte’s lead administrator stepped in to restructure Virgin Australia after it collapsed in April, the immediate question was how to sell Australia’s second-biggest airline while it was burning $200 million a month.
Key points:
- Virgin Australia’s sale to Bain Capital was completed today, and it’s no longer publicly listed
- Deloitte’s lead administrator Vaughn Strawbridge said it was one of the most challenging insolvencies in corporate history
- The future of staff pay and the effect on airline…
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