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Bain Capital's magic Virgin ticket
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As the PE firm prepares to exit the airline, $93 million of expired flight credits should come in very handy.
There are few companies in Australia that seem to have done better out of COVID-19 than Bain Capital. Without the pandemic, Bain couldn't have plucked Virgin Australia out of administration in November 2020 for a mere $3.5 billion[[Only $730 million of this headline price was equity.]] and repaid itself in full within three years. Now six years and greater than $1 billion in distributed returns later, Covid has secured another windfall for the US private equity giant, this time in the form of $93 million in expired flight credits long forgotten by unlucky punters.
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