Virgin Australia bidders shortlisted

Virgin Australia’s administrators say they have shortlisted a small number of parties from the non-binding indicative offers received by last Friday.

The administrators from Deloitte have not named the parties but say they are being invited into the next stage of the sale process.

“We received more interest than anticipated from parties who are eager to be a part of the future of Virgin Australia,” Deloitte Restructuring Services partner Vaughan Strawbridge said.

“We are delighted by the strength of each of those on the shortlist, with parties selected being well funded and possessing deep aviation experience. Importantly, each has a plan for the business which can secure the future for thousands of Virgin Australia employees.”

He declined to comment on the parties, citing confidentiality commitments, but said administrators would work with them during the next four weeks to enable binding offers by mid-June. 

The shortlisted potential buyers include BGH Capital, Bain Capital, Indigo Partners and Cyrus Capital Partners, the Australian Financial Review reported.

The country’s second-biggest airline entered voluntary administration in April, owing creditors nearly $7 billion and making it the biggest Asia-Pacific casualty of the coronavirus crisis in the global aviation industry.

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