Union kingmakers fear Bain Capital's bid for Virgin Australia | sdanck pwhatch
Unions controlling key votes in the Virgin Australia administration process have expressed serious concerns about Bain Capital's tilt at the airline due to the buyout firm's history of slashing jobs and imposing harsh conditions on workers offshore.
Bain part-owned Toys R Us has a patchy industrial relations record in the US, particularly when dealing with workers made redundant during insolvency.Bain, which in Australia is led by former Olympic diver Michael Murphy, is among the contenders for the airline alongside local private equity outfit BGH Capital, Richard Branson linked Cyrus Capital, US airline investor Indigo Partners and Canadian funds management giant Brookfield.
"It’s about how you can demonstrate that you can get Virgin back in the air in a way that serves workers and the travelling public,” Mr Kaine said.
Bain and KKR created a $US20 million hardship fund for workers in late 2018. This amount was on top of an earlier settlement which was short of the $US75 million workers said they were owed.
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