Andrew Forrest eyes Virgin Australia investment

Mining magnate Andrew Forrest has reportedly joined 20 other bidders to save Virgin Australia, which was recently sent into voluntary administration with almost $7 billion owed.

Sources told The Age that the Fortescue founder had spoken with Credit Suisse and expressed interest in bidding on the airline, which was folded due to the COVID-19 travel restrictions.

Deloitte reported that eight bidders had signed non-disclosure agreements and were given access to Virgin’s dataroom, and that negotiations with a further 12 parties were under way.

“We remain confident that our target of achieving a sale by the end of June is achievable,” Deloitte administrator Vaughan Strawbridge said.

Sources said local private equity firm BGH Capital might be interested in speaking with Forrest about his involvement.

Virgin’s jets have been grounded with the staff stood down during COVID-19.

Its new owners, with Forrest potentially being one of them, will decide if it continues to fly internationally or regress to a budget airline.

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