Bain Capital becomes the new owner of Virgin Australia after creditors agree to $3.5 billion deal

 US private equity firm Bain Capital is the new owner of Virgin Australia, with the largest group of creditors voting in favour of the $3.5 billion sale on Friday.

Key points:

Virgin Australia's $3.5 billion sale to Bain Capital had been expected to pass with the backing of key unions and the Virgin Group

The airline will no longer be a full-service carrier, operating with a far smaller fleet and more limited routes

Bain has vowed to pay out all worker entitlements and honour travel credits

Unions representing many of Virgin's 9,000 employees voted yes to the sale of Australia's second-biggest airline at a lengthy creditors meeting.

Virgin Australia has been one of the biggest corporate casualties of the coronavirus crisis, making a third of its workforce redundant.

It was one of the Asia-Pacific region's first airlines to fall when it was placed into voluntary administration on April 21, with debts of $6.8 billion.

Read more:  https://www.abc.net.au/news/2020-09-04/bain-capital-new-owner-of-virgin-australia-creditors-vote-yes/12629528