Tuesday, May 19, 2020

Rahul Bhatia's InterGlobe doesn't make the list of Virgin Australia suitors

InterGlobe Enterprises, led by Rahul Bhatia hasn't made the list of suitors selected by Virgin Australia Holdings Ltd's administrators.
Virgin Australia Holdings Ltd's administrators have short-listed potential buyers BGH Capital, Bain Capital, Indigo Partners and Cyrus Capital Partners, a source with knowledge of the matter said on Monday.
The airline's administrators expected to receive as many as eight non-binding indicative offers from potential buyers before a submission deadline on Friday.
Binding offers for the airline are due on June 12.
The company entered voluntary administration last month owing creditors nearly A$7 billion ($4.5 billion), making it the biggest Asia-Pacific casualty of the coronavirus crisis hitting the global aviation industry.
The strong interest in Virgin Australia at a time when the world aviation market is largely grounded shows the long-time attractiveness of the Australian domestic market, a duopoly between Qantas Airways Ltd and Virgin.
The administrators at Deloitte said in a statement they had shortlisted a small number of well-funded parties with strong aviation credentials but declined to name them.
Bain, which owns Trans Maldivian Airways, is being advised on its Virgin offer by Jayne Hrdlicka, the former head of Qantas budget airline Jetstar, according to media reports.
One of BGH's founders, Ben Gray, led a failed takeover offer for Qantas in 2007 when he worked at private equity giant TPG.
Phoenix-based Indigo Partners' founder Bill Franke is the chairman of US budget carrier Frontier Airlines, Chile's JetSmart and Hungarian Wizz Air.
18/05/20 Reuters/Business Standard
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