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Bain makes big bet on Virgin Australia

  • Bain Capital has won a bid to acquire Virgin Australia (OTC:VBHLY) in one of the biggest single bets on the airline industry since it was hammered by the coronavirus pandemic.
  • The carrier was one of the first big airlines to seek bankruptcy protection, with more than 10K employees and a roughly 31% market share on domestic routes.
  • While the value of the deal wasn't disclosed, administrator Deloitte said there will be "a significant injection of capital" into the airline.
  • Larger rival Qantas Airways (OTCPK:QABSY) this week cut 6,000 jobs, grounded about 100 planes and raised as much as A$1.9B ($1.3B) to survive a prolonged downturn.

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Anybody have an idea what Bain's intentions are?
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