Bain Capital to ‘slim down Virgin Australia to a domestic carrier’

InvestSMART's Evan Lucas says Cyrus Capital's "excuse" to pull out of its Virgin bid was unsurprising given it knew for quite some time it was not administrator Deloitte's first choice. "It's been well known for about eight days the administrators were certainly leaning toward Bain Capital," Mr Lucas said. "Bain has a plan and clearly has the capital and ability to restructure Virgin. "The original bondholders - particularly the major holders out of Singapore - are now asking to be part of the bid and to recapitalise their position and keep Virgin listed on the ASX." Mr Lucas said unions were particularly worried about Bain's program which likely included a "fairly big restructure and a very much slimming down of Virgin to a domestic carrier". Image: News Corp Australia Via news.com.au — Australia’s leading news site https://www.news.com.au