Virgin Australia Set to Keep Flying After Bain Agrees to Buy Airline

U.S. private-equity firm Bain said it would recapitalize Virgin Australia so it can survive until demand returns

SYDNEY—U.S. private-equity firm Bain Capital agreed to buy insolvent airline Virgin Australia Holdings Ltd., charting a future involving fewer and smaller planes, mirroring strategies adopted by other carriers, including in the U.S.

Bain fended off competition for Virgin from private-equity rival Cyrus Capital Partners, which had about 35% of Australia’s domestic travel market before the grounding of aircraft due to the coronavirus pandemic. The contest illustrates how cashed-up investors are ready to bet on the aviation industry’s...

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