How US investment firm rescued Aussie's second-largest airline

Virgin Australia aircraft parked at Perth Airport during the pandemic. (Image: Wikipedia CC BY 2.5)

Sat, 05 Jul 2025

By Stuart CondieWith businesses sending workers home at the start of the covid-19 pandemic, Bain Capital’s Mike Murphy dashed to buy his first webcam. While browsing an electronics store, his phone rang for one of the most important calls of his life.Bain co-chairman Steve Pagliuca had heard the Australia office established by Murphy in 2016 was considering a move for Virgin Australia. The country’s No 2 carrier had stumbled under the debt racked up in a capacity and price war with Qantas Airways.Global fleets had yet to be grounded...

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