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Virgin Australia creditors okay airline's purchase by Bain Capital

Virgin Australia Holdings Ltd's creditors on Friday voted in favour of the purchase of Australia's second-biggest airline by U.S. private equity group Bain Capital

twitter-logoReuters | September 4, 2020 | Updated 11:51 IST
Virgin Australia creditors okay airline's purchase by Bain Capital

Virgin Australia Holdings Ltd's creditors on Friday voted in favour of the purchase of Australia's second-biggest airline by U.S. private equity group Bain Capital, according to a statement from the Transport Workers' Union.

The union, representing some of Virgin's 9,000 employees, said it welcomed approval of the deal, which will allow the carrier to exit voluntary administration.

Virgin entered administration in April owing A$7 billion ($5.1 billion) to creditors after suffering from a sharp plunge in demand due to the coronavirus pandemic.

Also read: Debt-ridden Virgin Australia to cut one-third workforce, focus on short haul

Also read: COVID-19 pandemic: Aviation sector carries biggest corporate default risk

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