Velocity Points unfrozen as Virgin deadline looms
Up to 19 bidders were circling the troubled carrier during the first round of bidding, but speculation is mounting only four or five will lodge serious submissions.
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VIRGIN Australia’s future will become clearer when the first round of bidding for the embattled Queensland carrier closes tonight.
Non-binding bids for the airline are due to be handed to administrators Deloitte by 6pm today.
Up to 19 parties were circling the carrier during the first round of bidding, but speculation is mounting only four or five will lodge serious submissions.
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BGH Capital, Bain Capital, Brookfield Asset Management and India's InterGlobe Enterprises are tipped to be the main challengers.
Queensland Investment Corporation will not lodge a bid today, but will closely monitor the submissions made before likely teaming up with a consortium within weeks.
Queensland Treasurer Cameron Dick this week tipped the race on its head by announcing the government was prepared to invest in Australia’s second-largest carrier to keep 5000 jobs in the state.
The looming deadline comes as Virgin Australia releases millions of Velocity Points to redeem for domestic flights from September 1 after they were frozen for a month.
“We’re hopeful that domestic travel restrictions and state and territory border lockdowns ease by September and for many of us, a local holiday and catching up with interstate family and friends will be well overdue,” a Velocity spokeswoman said.
“We look forward to sharing more offers with our members as we emerge from the COVID-19 crisis and travel resumes more broadly.”
Members who book a seat before September 1 for travel after this time will have change and cancellation fees waived, or a full refund if the booking is cancelled.
Velocity is a separate company to Virgin Australia, and is not affected by its administration.
Originally published as Velocity Points unfrozen as Virgin deadline looms
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