Virgin Australia company fly again
Virgin Australia to fly again with new US owner Bain Capital, After bought by US private equity group Bain Capital after falling into administration due to corona virus travel restrictions.
The company was struggling with long-term debt of A$5bn (£2.55bn; $3.17bn) even before the pandemic struck.
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Australia is second biggest carrier had unsuccessfully asked for government loans before its collapse in April 2020.
Virgin Australia is currently owned by a number of major shareholders including Sir Richard Branson.
Statement of the new owner
Administrators for the airline, Deloitte, said on Friday that Bain would become the new owners, with the deal expected to be completed by the end of August.
A statement said Bain supports the airline's current management team and its turnaround plan for the business. It has also committed to retain thousands of jobs.
In addition, a "significant injection of capital" would be made to help Virgin Australia recapitalise for the future, according to the statement.
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