US equity giant Bain Capital to buy bankrupt Virgin Australia airlines

Virgin went into voluntary administration in April setting off the eight-week sale process

US private equity giant Bain Capital has agreed to buy bankrupt airline Virgin Australia, administrator Deloitte revealed on Friday.

The news comes after rival bidder Cyrus Capital Partners withdrew its offer citing a lack of engagement with the seller, reports Xinhua news agency.

Deloitte confirmed in a statement that it had entered into a sale and implementation deed with Bain Capital, which, subject to approvals including a vote by creditors in August, will result in the sale and recapitalization of Virgin.

"Bain Capital has presented a strong and compelling bid for the business that will secure the future of Australia's second airline, thousands