Virgin Australia Administrators Pick Shortlist From Many Bidders

(Bloomberg) -- The administrators of Virgin Australia Holdings Ltd. have shortlisted a small number of bidders for the airline after receiving more interest than they anticipated.

Deloitte spent the weekend reviewing indicative offers for the carrier from interested investors and has narrowed the field to a small number of well-funded parties with strong aviation credentials, according to a statement Monday.

The administrators said they plan to work intensely with the parties, selected following the submission of indicative bids on Friday, to have them make binding offers by mid-June.

In the statement, the company said it could not comment on who the shortlisted parties were due to confidentiality commitments. A representative for Deloitte declined to elaborate on who the parties were.

“We are delighted by the strength of each of those on the shortlist, with parties selected being well funded and possessing deep aviation experience,” said Vaughan Strawbridge, lead administrator and Deloitte restructuring services partner, in Monday’s statement.

Earlier on Monday, the Australian Financial Review reported that Bain Capital, BGH Capital, Indigo Partners and Cyrus Capital Partners were the four bidders on the shortlist.

Virgin Australia went into voluntary administration in April, overwhelmed by a near-halt in revenue as the coronavirus shut down travel.

©2020 Bloomberg L.P.

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