SYDNEY (Reuters) — Virgin Australia Holdings’s administrator said on Tuesday it had selected Bain Capital and Cyrus Capital Partners as the final bidders for the country’s second-biggest airline.
Administrator Deloitte said they had been selected from five non-binding proposals received on Friday. It is seeking a binding agreement with the winning bidder by June 30.
The others that had lodged proposals included BGH Capital, Indigo Partners and Brookfield Asset Management, Reuters had previously reported.
Virgin owed nearly A$7 billion ($4.76 billion) to creditors when it entered voluntary administration in April with its long-running financial struggles exacerbated by the coronavirus pandemic.