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Bain Capital plans to give Virgin Australia staff that remain with the business after a major restructuring equity in the business and has committed to fully funding the entitlements of those that will be made redundant if it is named the preferred bidder by the administrator Deloitte next week.
The revelation came as Bain and rival Cyrus Capital lodged final bids for the airline with administrator Vaughan Strawbridge from Deloitte, after news had earlier emerged that Cyrus had struck a deal with the Queensland Investment Corporation to keep Virgin’s headquarters in Brisbane.
The Australian understands the Bain bid will offer an extensive employee share plan to the Virgin staff that remain when the business transitions to private ownership, while it will also provide resources and support programs for those that are let go.
Bain final bid for the airline, bid lodged with administrator Deloitte on Monday, also noted that all existing travel credits, purchased directly and through travel agents, would be honoured.
Mr Strawbridge won federal support for the conditional travel credits plan last month instead of offering those that had purchased tickets with refunds.
The Bain bid also stated there will be no change to Virgin’s frequent flyer program, Velocity, including the current point balances of members and the pricing architecture.
This article first appeared on www.theaustralian.com.au
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