The Richard Branson-linked investment fund Cyrus Capital has said it wants to maintain Virgin Australia as a full-service international airline competing head-to-head with Qantas if it wins the race to buy the collapsed carrier | sdanck pwhatch
The Richard Branson-linked investment fund Cyrus Capital has said it wants to maintain Virgin Australia as a full-service international airline competing head-to-head with Qantas if it wins the race to buy the collapsed carrier.
Cyrus is competing against US private equity fund Bain Capital, Melbourne-based outfit BGH Capital and the American ultra-low cost airline specialist Indigo Partners.Sources close to Cyrus' bid who spoke on the condition of anonymity to discuss confidential matters said the fund would cut some regional routes from Virgin's domestic network but otherwise continue flying between capital cities and major regional centres.
Cyrus was a surprise addition to the four shortlisted bidders chosen for the second round of the sale process run by administrators Deloitte on Monday. Wall Street titan and Cyrus' founder Stephen Friedheim is leading the fund's bid with his long-term advisor Jonathan Peachey, who was previously CEO of Richard Branson's Virgin Group in the USA and a director of both Virgin America and Virgin Atlantic .
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