In a statement, Cyrus complained the administrator failed to return calls or
emails. The move paves the way for Bain Capital to be named the preferred bidder.
Best news yet for the Employees of VirginAustralia. Just goes to show you how easily Cyrus and richardbranson are happy enough to walk away from a deal when the going gets tough. Let's hope BainCapital take the reins. Clear vision for the future and deep pockets.
So the bond holders are out of the running?
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Cyrus withdraws Virgin Australia bid, leaving Bain in box seat to buy airlineCyrus - which was a founding investor alongside Richard Branson in Virgin America - said on Friday morning that it was pulling out of the sale 'due to lack of engagement' by Virgin’s administrator Deloitte. Excellent- so Virgin Australia has new owners that know nothing about running airlines. Will have to keep on the old executive that ran the company so well. Makes you wonder if these so-called 'binding bids' were contingent upon certain conditions, like even more taxpayer funding being provided, free. One would imagine yesterdays announcement from Qantas would have anyone thinking twice about buying an airline during a pandemic. Thank God tax payers didn't bail them out
Source: theage - 🏆 8. / 77 Read more »
Bain set to buy Virgin Australia after Cyrus withdraws bidAmerican private equity giant Bain Capital is set to become Virgin Australia’s new owner after rival bidder Cyrus Capital Partners withdrew its bid for the bankrupt airline. Good to see these villains have moved on to the corporate life pwhatch While the airlines struggle to survive, the Federal government is wasting money to build the 2nd Sydney airport. auspol
Source: smh - 🏆 6. / 80 Read more »
Bain set to buy Virgin Australia after Cyrus withdraws bidAmerican private equity giant Bain Capital is set to become Virgin Australia’s new owner after rival bidder Cyrus Capital Partners withdrew its bid for the bankrupt airline. Good to see these villains have moved on to the corporate life pwhatch While the airlines struggle to survive, the Federal government is wasting money to build the 2nd Sydney airport. auspol
Source: smh - 🏆 6. / 80 Read more »
Cyrus withdraws Virgin Australia bid, leaving Bain in box seat to buy airlineCyrus - which was a founding investor alongside Richard Branson in Virgin America - said on Friday morning that it was pulling out of the sale 'due to lack of engagement' by Virgin’s administrator Deloitte. Excellent- so Virgin Australia has new owners that know nothing about running airlines. Will have to keep on the old executive that ran the company so well. Makes you wonder if these so-called 'binding bids' were contingent upon certain conditions, like even more taxpayer funding being provided, free. One would imagine yesterdays announcement from Qantas would have anyone thinking twice about buying an airline during a pandemic. Thank God tax payers didn't bail them out
Source: theage - 🏆 8. / 77 Read more »
Virgin bondholders make $925m pitch for control of airlineVirgin Australia's bondholders have offered to pour $925 million into the bankrupt airline as part of an eleventh-hour relaunch plan that would see them emerge as the carrier's new owners | pwhatch pwhatch the shares are only worth less than 5c
Source: smh - 🏆 6. / 80 Read more »
Govt's 'hands off' approach will undoubtedly lead to 'scaled-back Virgin Australia' | Sky News AustraliaShadow Transport Minister Catherine King says the government's 'hands off' approach will undoubtedly lead to 'scaled-back Virgin Australia'. \n\nPrivate equity fund Bain Capital is set to be the airline’s new owner after New York hedge fund Cyrus Capital Partners withdrew its offer. \n\nBain Capital said it was prepared to honour the $450 million of entitlements owed to workers once it took control. \n\nDespite this guarantee, Ms King told Sky News Virgin jobs and regional routes would inevitably be lost. \n\n“That’s an outcome that’s incredibly disappointing from the public’s point of view,' she said. \n\n“Loss of routes, particularly in regional Queensland, will be absolutely devastating for tourism and I think that’s what we’re going to see, a much scaled-back Virgin.” \n\nShe said Labor encouraged the Morrison government to take an equity stake in Virgin and prevent it entering administration. \n\n“But the government’s obviously decided to take a very hands-off approach and this is the result,” she said. \n\nImage: News Corp Australia \n CatherineKingMP and rightly so CatherineKingMP Great to see the AustralianLabor jumping on the rhetoric bandwagon again this morning. The constant dribble from these Muppets and their Union Buddies is becoming boring. They really need someone to give them some retraining and fresh rehtoric to spread. It's embarrassing. CatherineKingMP And what should they be, what they were before?
Source: SkyNewsAust - 🏆 7. / 78 Read more »