Aviation

Virgin’s keys officially handed over to Bain, as Scurrah opens up about exit

Bain Capital has officially taken ownership of Virgin Australia, following the transfer of the airline’s shares to the private equity firm.

In its last announcement on the Australian Securities Exchange, Virgin Australia Holdings (VAH) advised this morning that all of the company’s shares had been transferred to Bain Capital or its nominee in accordance with Federal Court orders and the deed of company arrangement (DOCA).

“VAH is expected to be delisted today from the ASX by or at close of trading, being 4pm (Sydney time) and, as such, there will be no further market announcement made by VAH,” the company said.

“Effectuation of the VAH DOCA is scheduled to occur today, 17 November 2020.”

The transition of ownership sees former Jetstar CEO and Bain executive Jayne Hrdlicka take over from Paul Scurrah as Virgin’s CEO and managing director.

In his only apparent interview since announcing his resignation from the airline last month, Scurrah told the Curveball podcast that he had no hard feelings toward Bain about making way for Hrdlicka to lead Virgin post-administration.

“We mutually came to the agreement that I would leave,” he said.

“Jayne is the right person to take on and deliver their plan and to deliver to the expectations I have as an investor.

“And quite often, you see private equity will go to people they know and people who they feel as a safe set of hands and aligned to their outcomes. And that is the reason why they have appointed Jayne.”

Scurrah said he would continue “cheering from the sidelines” for Virgin and would remain as an adviser to the company until the end of January.


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