British billionaire endorses Bain Capital’s plan to resurrect Virgin Australia
British billionaire Richard Branson has broken his silence on the future of Virgin Australia - which he founded in Brisbane 20 years ago - under new owner Bain Capital.
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British billionaire Sir Richard Branson has broken his month-long silence to endorse Bain Capital’s plan to resurrect Virgin Australia, the airline he founded in Brisbane two decades ago.
His crucial endorsement comes ahead of the historic meeting of creditors on Friday where Bain is expected to be formally chosen as the airline’s new owner.
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“I have confidence in the revival plan for Virgin Australia and Virgin will be working closely with Bain to rebuild the airline and ensure it retains the spirit and character that has always marked it out from its rivals,” Sir Richard said.
“As the founding shareholder, I am extremely proud of what Virgin Australia has achieved over its first 20 years.
“We look forward to helping to create the next important chapter, as Virgin Australia get back to flying and connecting Australia once again.”
COVID-19 forced Virgin Australia into administration in April owing 12,000 creditors about $7bn.
Virgin Group, a 10 per cent owner in Virgin Australia, is listed as a creditor over unpaid royalties.
Bain Capital is expected to take the keys to the cockpit tomorrow and begin rebuilding a more streamlined carrier.
Sir Richard said the Virgin Group had a strong relationship with Bain Capital, which helped build the Virgin Voyages cruise line.
Virgin Group CEO Josh Bayliss said Bain would help the airline become “a force in Australia and realise its true potential”.
“This week, we are voting for that plan as we believe it is the best way forward for the airline and its wonderful employees to get back into the skies,” he said.
“Australia needs two competitive airlines and Bain has the resources, aviation experience, and long term vision to bring this plan to life.”
Originally published as British billionaire endorses Bain Capital’s plan to resurrect Virgin Australia
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