Court approves Virgin Australia share transfer to Bain Capital

BRISBANE, AUSTRALIA: MARCH 8: commercial airliners from Virgin Airlines lined up on the tarmac on 8-3-2013 at Brisbane International Airport.

Bain Capital is one step closer to officially taking over Virgin Australia, with the transfer of the beleaguered airline’s shares to the private equity firm approved by the Federal Court.

The share transfer application was made by Virgin’s administrators, who argued that there would be “no unfair prejudice to the major shareholders or the residual shareholders” upon its completion.

Virgin’s five major shareholders are Etihad Airways, Singapore Airlines, Nanshan Group, HNA Group, and Virgin Group, who collectively own approximately 90 per cent of the company’s equity.

The matter was heard in court yesterday by Justice John Middleton, who made the orders granting leave for the administrators to transfer all the shares in Virgin Australia Holdings from the current shareholders to Bain or their nominee.

The private equity firm’s takeover of Virgin via a deed of company arrangement (DOCA) “remains subject to further conditions precedent, which will be satisfied on or before completion of the transaction”, according to an ASX update issued on behalf of the airline by its administrators.

“The deed administrators expect the completion of the VAH DOCA (and transfer of all the shares to Bain Capital or its nominee to occur on Tuesday 17 November 2020.

“A further update will be provided in due course.”

Virgin’s executive team is set to have a whole new look post-administration, with the airline confirming a number of departures following the resignation of CEO and managing director Paul Scurrah.


Featured image source: iStock/Lakeview_Images

Latest News

  • Destinations
  • News

APT Launches 2025 Asia Adventures

APT has launched its Asia Adventures for 2025, including new luxury holidays in India, Sri Lanka and Japan. Five new tours lead guests to the highlights of India, including a seven-night cruise along the rarely travelled Lower Ganges aboard the Ganges Voyager. Further south, Sri Lanka’s greatest destinations are revealed on a new 15-day Land […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]