Business
UPDATED | Bain Capital has emerged as the winning bidder for Virgin Australia, with the administrators agreeing to sell the ailing airline to the Boston-based private equity firm.
National
Four private equity firms are the leading candidates to buy Virgin Australia, the biggest regional casualty of the coronavirus crisis in the global aviation industry.
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Virgin Australia is continuing to operate six flights a week between Adelaide and Melbourne, as the stricken airline begins the administration process.
Troubled airline Virgin Australia has entered voluntary administration after the debt-laden business was crippled by coronavirus restrictions, with up to 15,000 jobs left up in the air.
Virgin Australia says it will cut 750 corporate and head office positions as part of a restructure after posting a “disappointing” full-year loss of $349.1 million.
Virgin Australia has posted a full-year net loss of $224.7 million, after taking charges related to fleet simplification and other efficiency activities.
