Bain to buy Virgin Australia in bold bet on airline industry shattered by pandemic

SYDNEY - Bain Capital will buy collapsed Virgin Australia Holdings in one of the biggest single bets on the airline industry since it was shattered by the coronavirus pandemic.

Bain's investment is a bold bet on a sector facing its biggest ever crisis and the Virgin Australia business itself. The airline's larger rival Qantas Airways on Thursday depicted a bleak outlook, sacking 6,000 workers, grounding about 100 planes and raising A$1.36 billion . Virgin Australia, 20 per cent owned by Singapore Airlines, collapsed in April under A$6.8 billion in debt as the outbreak halted global travel. Deloitte's decision ends an auction process that initially drew interest from more than 20 parties.

The announcement followed a fiery attack on the same process from Cyrus, which said Friday it was withdrawing its bid due to a"lack of engagement" by Deloitte since the US investment group submitted its proposal on June 22.

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