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Final Virgin Australia Bids a Key Test for Ailing Airlines

  • Bain Capital and Cyrus Capital submit binding offers
  • Industry has so far been kept alive by government funds
Virgin Australia Collapses After Pandemic Halts Air Travel
Photographer: Brendon Thorne/Bloomberg
Updated on

The final bids for Virgin Australia Holdings Ltd. will show how much appetite private investors really have for an airline industry that’s been battered by the coronavirus pandemic.

Private equity firms Bain Capital LP and Cyrus Capital Partners LP made final and binding offers for the airline on Monday, administrator Deloitte said in a statement. The Australian carrier collapsed in April under A$6.8 billion ($4.7 billion) of debt after the government declined to step in.