Cyrus Capital withdraws offer for Virgin Australia over lack of engagement

SYDNEY (Reuters) – Cyrus Capital Partners said on Friday it had withdrawn its bid for Virgin Australia Holdings Ltd , citing a lack of engagement by the airline’s administrator, but said it was willing to reinstate it under certain conditions.

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.

(Reporting by Jamie Freed; editing by Grant McCool)