Buyout shop Bain and hedgie Cyrus are jostling to buy Virgin Australia out of bankruptcy. The industry has foiled everyone but TPG, one of the few with happy tales to tell. Replicating its success will require some fancy flying, says AlecMac11:
Virgin Australia’s administrator allowed buyout shop Bain Capital and hedge fund firm Cyrus Capital Partners until June 22 to lodge binding offers for the airline, an extension of 10 days from the
original date, Reuters reported on June 3, citing an unnamed source.Virgin Australia entered voluntary administration in April after its long-running financial struggles were exacerbated by the Covid-19 pandemic.
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