Bain Capital to Buy Virgin Australia Out of Bankruptcy
Virgin Australia, the discount airline that's owned in part (but not in whole) by Sir Richard Branson's privately held Virgin Group, filed for bankruptcy in April after being denied a $964 million bailout loan from the Australian government. Two months later, bankruptcy proceedings are wrapping up and ... we have a winner.
Bain Capital won the auction to acquire Virgin Australia, announced bankruptcy administrator Deloitte Thursday night. The U.S.-based private equity firm "presented a strong and compelling bid for the business that will secure the future of Australia's second airline, thousands of employees and their families and ensure Australia continues to enjoy the benefits of a competitive aviation sector,"
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Source Fool.com
