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BRIEF-Deloitte Announces Sale & Implementation Agreement With Bain Capital Regarding Virgin Australia

Published 26/06/2020, 11:41 am
© Reuters.

June 26 (Reuters) - Deloitte:

* TRANSACTION AGREEMENT WITH BAIN CAPITAL REGARDING SALE & RECAPITALISATION OF VIRGIN AUSTRALIA PROVIDES SIGNIFICANT INJECTION OF CAPITAL

* COMPLETION OF SALE AND IMPLEMENTATION WITH BAIN CAPITAL WILL OCCUR AFTER 2ND MEETING OF CREDITORS, CURRENTLY SCHEDULED BEFORE END OF AUGUST

* TRANSACTION SUPPORTS CURRENT MANAGEMENT TEAM LED BY PAUL SCURRAH & THEIR IMPROVEMENT PLAN FOR AIRLINE

* TRANSACTION CARRIES FORWARD ALL TRAVEL CREDITS AND VELOCITY FREQUENT FLYER BOOKED FLIGHTS

* TRANSACTION COMMITS TO RETENTION OF THOUSANDS OF JOBS & HONOURS ALL EMPLOYEE ENTITLEMENTS Further company coverage: VAH.AX

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