Virgin Australia Will Cut 3,000 Jobs Under Revamp by New Owner Bain Capital
Skift Take
This exit out of voluntary administration is being described as a "resetting" under Bain Capital. Apart from the famous red brand, Virgin Australia stands to be unrecognizable after such a restructuring.
Following months of uncertainty since entering voluntary administration in April, Virgin Australia on Wednesday laid out a drastic restructuring plan.
Its new owner Bain Capital, which fended off competition from New York investment firm Cyrus Capital Partners, wants to axe a third of its workforce, slim down its fleet and relocate its headquarters. However, it insisted the actions are needed to safeguard the remaining 6,000 direct roles, and indirect employment for 30,000 people.
The announcement follows
