Bain Capital said on Monday it is looking to relist airline Virgin Australia, in a move that would come as the domestic aviation market bounces back strongly from pandemic lows.
Bain Capital said on Monday it is looking to relist airline Virgin Australia, in a move that would come as the domestic aviation market bounces back strongly from pandemic lows.
Bain Capital-owned Virgin Australia‘s Chief Development Officer David Marr, who was assigned to lead the airline’s plans for an eventual initial public offering (IPO), has stepped down from his role, a spokesperson said on Tuesday.
Bain Capital-owned Virgin Australia said on Tuesday that the airline returned to a profit for the first time in 11 years for fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic.
Virgin Voyages, the cruise brand from Richard Branson’s Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets.
Virgin Australia is in talks with banks for a loan of up to $296.4 million (A$450 million) to pay its private equity owner Bain Capital before the airline’s re-listing planned for later this year, two sources with direct knowledge of the matter said.
Bain Capital’s Virgin Australia airline is aiming for a A$1 billion ($665 million) listing on the Australian Securities Exchange (ASX) in November, according to a source with direct knowledge of the matter.
Middle Eastern carriers are leading the aviation recovery in May with traffic at 17% above 2019 levels, according to a report from International Air Transport Association (IATA). The airlines in the region saw a 31% traffic increase compared to May a year ago. Capacity climbed 25% and the load factor pushed up almost 4 percentage points to 80%. Globally, traffic in May is now at 96% of May 2019 levels.
Private jet company Wheels Up Experience is in talks with lenders about a debt restructuring while exploring other options to avoid bankruptcy, the Wall Street Journal reported on Friday.
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