Bain Capital completed its landmark acquisition of Virgin Australia Group after the iconic business fell victim to the global pandemic and entered voluntary administration on 21 April 2020 with about A$6.8 billion ($5.3 billion) in debt owing to a broad and diverse group of stakeholders. The corporate rescue of Australia's second-largest airline represented the largest of its kind in the past two decades. With the future of the airline and its 9,000 employees and 12,000 creditors at risk, it was one of the highest-profile and most complex deals of 2020 and of the past decade. Initially, there were 20 interested parties, but the administrator shortlisted this to four bidders.
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