June 26, 2020 / 1:17 AM / 13 days ago

Bain selected as winning bidder for Virgin Australia: administrator

FILE PHOTO: Travelers stand at a Virgin Australia Airlines counter at Kingsford Smith International Airport, following the coronavirus outbreak, in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott/File Photo

SYDNEY (Reuters) - U.S. private equity group Bain Capital has been selected as the preferred bidder for Virgin Australia Holdings Ltd (VAH.AX), the airline’s administrator said on Friday without disclosing the terms of the deal.

Bain has entered into a sale and implementation deed with administrator Deloitte subject to minimal conditions, Deloitte said in a statement.

Deloitte said at this stage it was not possible to estimate the return to creditors and it did not expect any return to shareholders. An update will be provided ahead of a creditor’s meeting in August, Deloitte said.

Reporting by Jamie Freed; Editing by Shri Navaratnam

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