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Tigerair was acquired by Virgin in 2015. Virgin Australia is a holding company for Virgin Australia International Airlines, Virgin Australia Domestic Airlines and also Tigerair Australia. In other words, flight credits are safe for the time being.The administrator has said there are more than 10 interested parties. Virgin Australia has axed 3,000 jobs and will discontinue to the Tigerair brand, as the company releases its plan for the new and improved version of the airline. Bain has reportedly had some 59 or 60 people working on its Virgin Australia bid. There are four other bidders in the running.Long considered a firm favorite was Melbourne-based private equity firm, BGH Capital.

Amid concerns it was looking for a fast profit, Bain’s Sydney CEO, Mike Murphy, has been busy stressing they are here for the long haul. The highly regarded airline executive formerly ran Bain has reportedly had some 59 or 60 people working on its Virgin Australia bid. Deed of Company Arrangement . Names that have been mentioned include Ben Gray’s private equity firm, BGH Capital, which has been combing through Virgin’s books. But there’s also been concern that other bidders may not be thrilled about Brookfield’s re-emergence, with some reports saying it opens Deloitte to legal action by the other bidders.Less favored are Cyrus Capital and Indigo Partners. They’d flagged running Virgin Australia as a full-service airline.

What about my frequent flyer miles?

Brookfield’s re-emergence is believed to be holding up the decision today.Unions preferred Brookfield’s bid, saying the firm had a history of developing and sticking with investments rather than flipping them for a quick cash profit. The list of potential new owners of Virgin Australia is being trimmed today. What does this mean for shareholders? When directors realise their enterprise is in danger of going broke, they can appoint insolvency practitioners to act as administrators.The administrators step into the shoes of the directors and have additional powers, including the ability to disclaim contracts or property that are costing money.They can also negotiate an exit from administration, handing the company back to directors, through what’s called a “deed of company arrangement”, or Doca.Under a Doca, debts can be settled for cents in the dollar and different classes of creditors can be treated differently.This requires the approval of more than half of the creditors, both by number and amount of money owed.It could have been, if the federal government had been willing to put aside its dislike of nationalisation and take a stake in When the Virgin board met on Monday, members were confronted with a $4.8bn pile of debt that needed to be repaid, cash spending of millions of dollars a day and no government lifeline.Rather than carry on and risk trading while the company was insolvent, they appointed Deloitte as administrators.During the period of administration, Scurrah said there would be no redundancies and all Virgin employees would keep their jobs.Most are stood down at the moment and Virgin is accessing the federal government’s jobkeeper scheme (available when companies lose 50% of their revenue). The expertise of the operators who made the final shortlist is undisputed. These and other questions answeredThe decision affects about 10,000 staff and 6,000 contractors who work for the airline, along with 4,000 suppliers and customers who have bought tickets worth more than $1bn but haven’t yet flown, as well as holders of Velocity frequent flyer points.It’s against the law for company directors to continue to trade when they know the company can’t meet its debts as and when they fall due.
A current shareholder, the Abu Dhabi-backed airline Etihad, is also said to be interested, although with international air traffic all but shut down by the crisis Etihad has financial strife of its own.The Queensland government has also offered support, The NSW treasurer has confirmed it is in discussions with Virgin and the administrator, and would likely insist the airline be based in western Sydney.Richard Branson’s Virgin Group, which owns 10.42% of Virgin Australia, was willing to put up between $200m and $250m during pre-administration talks and the tycoon has expressed sadness about what has happened.But, as Scurrah noted, his investments in cruising, airlines and hotels overseas mean he will have many pressures on his wealth.Over the coming weeks the bidders are likely to coalesce into two or three consortiums that have a real chance of buying the airline. Cyrus was a surprise inclusion on the provisional shortlist of bidders. He sees a new Virgin Australia …

Photo: Virgin Australia. That will depend on the new owners.Not if Deloitte’s Vaughan Strawbridge and his fellow administrators can successfully sell the whole airline to a new owner.But even they succeed, the size and shape of Virgin Australia would depend on what the new owner wanted to do with it.For example, it could cut unprofitable routes that service regional Australia, or international flights.All this could make Virgin Australia a lot less competitive against It could, but it’s too early to tell. They joined forces with a local superannuation fund, Australian Super, and Singapore’s Temasek.

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