Virgin Australia administrator expects 19 bidders

Nineteen companies and investment funds in Australia and overseas are expected to meet a Friday deadline to submit non-binding indicative offers for Virgin Australia Holdings, which in April became the first Asia-Pacific airline to succumb to the coronavirus pandemic and enter bankruptcy proceedings. "We've seen a high level of interest from a number of high-quality parties and discussions with them are progressing very well," Deloitte, the airline's administrator, said Wednesday. "We will then work even more closely with the parties we choose to take to the next stage that will allow them to prepare binding offers by 12 June." The country's second-largest airline on April 21 announced it had entered voluntary administration, an equivalent to Chapter 11 bankruptcy in the US, owing creditors nearly A$7b. Deloitte aims to agree to a deal with a buyer by the end of June. The Australian government has earlier suggested it will not provide support to a specific company. Michael McCormack, deputy PM and minister for infrastructure, transport and regional development, hinted he would leave the reconstruction of Virgin Australia to the private sector. "We will engage constructively with Virgin Australia's administrator to ensure Australia maintains two commercially viable airlines," he said. The 19 potential buyers are expected to submit indicative offers, according to a person familiar with the matter.<br/>