Cyrus Capital withdraws offer for Virgin Australia over lack of engagement

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The U.S.-based private equity group had been one of two final bidders selected by the administrator alongside Bain Capital, although bondholders on Wednesday also submitted a separate proposal to recapitalise the airline.

Cyrus said in a statement that it would be willing to reinstate its offer if the administrator, Deloitte, agreed to re-engage in good faith with a view to concluding a transaction.