Virgin Australia administrator receives final offers from Bain, Cyrus
FILE PHOTO: Aircraft from Virgin Australia sit on the tarmac at the domestic terminal of Sydney Airport in Australia, August 19, 2018. REUTERS/David Gray/File Photo
Binding bids from finalists Bain Capital and Cyrus Capital Partners were due on Monday for Australia’s second-biggest airline, which entered voluntary administration in April and owes nearly A$7 billion to creditors. The bondholders are preparing the backup plan to help avoid liquidation if the administrator’s preferred offer is not acceptable, the person with knowledge of the matter told Reuters on condition of anonymity.
Although not all of the details have been worked out, the bondholders want the debt-to-equity swap to happen soon, ahead of a later sale once coronavirus-related volatility in the airline industry subsides, the person said.
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