Cyrus Capital Partners has withdrawn its bid for Virgin Australia, citing a lack of engagement from the airline’s administrators.
Key points:
- Cyrus Capital Partners has withdrawn its bid for Virgin Australia, but could reinstate it if administrators will speak with it
- The private equity firm was one of two short-listed bidders for the embattled airline, along with Bain Capital
- Cyrus cited a lack of engagement from Virgin’s administrators, Deloitte, as the reason for its withdrawal
Cyrus, along with Bain Capital, was one of two final bidders for Virgin, which went into administration in early April.
However, there has been intense media speculation this week that major bondholders, who stand to lose a large part of their investment in Virgin as a result of its collapse, are prepa