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 Cyrus Capital, which was advised by Jones Day, said it had withdrawn from the bidding process.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
Credit: Shutterstock.com
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Earlier on Friday Cyrus Capital, which was advised by Jones Day, revealed that it had withdrawn from the process and said the administrators had failed to answer its calls, emails or adequately engage with its offer since June 22, according to a report in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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
KWM Adds Three New Partners in Singapore and Australia
Whistleblowing in 2025: What's on the Horizon for GCs?
Quartet Of Firms Secure Roles as LG Group’s IT Services Arm Lists for $823M
Law Firms Mentioned
Trending Stories
- 1Varsity Brands Lures Aboard Keurig Dr. Pepper Legal Chief
- 2Federal Judge Warns of 'Serious Sanctions' on FDIC Over Document Retention
- 3Meet the Former NFL Player Now Back at Vinson & Elkins
- 4Inside Track: Cooley's Modest Proposal to Make Executives Safer
- 5Justified Termination Does Not Bar Associate Attorney From Unemployment Benefits, State Appellate Court Rules
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
