Bain Capital Buys Struggling Virgin Australia, Taking It Out of Administration
Bain was advised by Herbert Smith Freehills. Cyrus Capital, which was advised by Jones Day, said it had withdrawn from the bidding process.
June 26, 2020 at 01:55 PM
2 minute read
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Private equity giant Bain Capital will relaunch Virgin Australia after agreeing to buy Australia's No. 2 airline on Friday.
Bain, which is advised by Herbert Smith Freehills, was announced as the winning bidder by administrator Deloitte after Cyrus Capital Partners dropped out and accused Deloitte of not engaging with its bid.
The Virgin Australia board put the airline into voluntary administration, similar to Chapter 11 bankruptcy protection in the U.S., in mid-April after the government refused financial assistance to the airline and major shareholders Singapore Airlines, Etihad Airways, Chinese conglomerates Nanshan Group and HNA Group declined to further support the carrier.
Earlier on Friday Cyrus Capital, which was advised by Jones Day, revealed that it had withdrawn from the process and said the administrators had failed to answer its calls, emails or adequately engage with its offer since June 22, according to a report in the Australian Financial Review.
Deloitte was advised by a Clayton Utz team headed by Tim Sackar, national practice group leader of the Australian firm's restructuring and insolvency practice.
The sale price was not disclosed.
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