As per news source, to capitalize Asia’s first airline casualty due to coronavirus pandemic, Brookfield Asset Management Inc. and Indian aviation tycoon Rahul Bhatia are mulling to bid for Virgin Australia Holdings.
Source also said that the Canadian investment firm is also planning to make its own indicative offer before the end of this week. Brookfield could team up with other bidders later in the process, one of the people said, asking not to be identified because the information is private.
Rahul Bhatia, the co-founder of Indigo airlines is also evaluating information on the Australian airline and finalizing his strategy for a potential bid, according to another person. The proposal is being prepared by Bhatia’s private holding company InterGlobe Enterprises and doesn’t involve IndiGo.
Virgin Australia has attracted at least 20 potential buyers as its administrator, Deloitte, races to sell the airline within two months of its collapse. Deloitte is seeking indicative bids by Friday and binding offers in June, targeting a deal by the end of that month.
The airline, which was started by Richard Branson, collapsed owing A$6.84 billion ($4.4 billion) to more than 10,000 creditors, overwhelmed by a near-halt in revenue as the coronavirus shut down travel.
Virgin Australia reported seven consecutive annual losses before it folded. At the time of its first flight from Brisbane to Sydney in 2000, Virgin had just two aircraft and one route.
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