Virgin Australia bid narrowed down to Bain and Cyrus

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.

Read More

Australia risks ‘insolvency tsunami’ when coronavirus aid ends

SYDNEY — Australia faces an “insolvency tsunami” when government handouts to help businesses cope with coronavirus restrictions expire on Sept. 29.

The payments are a major plank of the government’s stimulus package, which now runs into the hundreds of billions of dollars. They were designed to help businesses keep paying staff and creditors, including those in the “hibernation” period the government ordered for “nonessential” establishments such as bars, nail salons and fashion boutiques.

John Winter, CEO of the Australian Restructuring Insolvency and Turnaround Association, or ARITA, said many of the insolvencies expected after Sept. 29 would occur because those businesses

Read More

Coronavirus latest: Australia sees biggest monthly jobs loss on record

The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan.

Global cases have reached 4,179,479, according to the World Health Organization.

The worldwide death toll has hit 287,525.

To see how the disease has spread, view our virus tracker charts:

(Source photo by AP) 

Here are the latest developments (Tokyo time):

Thursday, May 14

11:50 a.m. Australia reports its biggest monthly jobs decline on record, with April job losses hitting 594,300 even as social distancing eases. Unemployment rose to 6.2% from 5.2% in March. “This is a

Read More

Virgin Australia administrator expects 19 bidders

SYDNEY — Nineteen companies and investment funds in Australia and overseas are expected to meet a Friday deadline to submit non-binding indicative offers for Virgin Australia Holdings, which in April became the first Asia-Pacific airline to succumb to the coronavirus pandemic and enter bankruptcy proceedings.

“We’ve seen a high level of interest from a number of high-quality parties and discussions with them are progressing very well,” Deloitte, the airline’s administrator, said in a statement on Wednesday. “We will then work even more closely with the parties we choose to take to the next stage that will allow them to prepare

Read More