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Virgin Australia: Queensland Government entity to bid for airline

Virgin Australia: Queensland Government entity to bid for airline

Queensland investment Corporation (QIC)has been appointed to manage the Queensland governments bid for Virgin Airlines according to the state’s new treasurer Cameron Dick.

The State Government’s involvement could be as an equity holder, as a loan to the group, a guarantee or other financial incentive. Their interest is to ensure that the Virgin Australia head office stays in Queensland, as they see the jobs that repairs, maintenance and overhaul of aircraft provide are important to the maintenance of jobs in the tourism sector in the state.

From the reporting of the story in the SMH, it appears the state is looking to be part of a consortium. The Queensland government previously offered AU$200 million before the collapse of Virgin for it to stay based in the state.

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On Friday 15 May, we will know who is actually in the race, as that’s the deadline for preliminary bids to be handed into Deloitte’s as the administrators. Binding offer deadline is set for 12 June, and the administrators hope to make a deal with the successful bidder by 21 June and take it to a creditors meeting for approval in early August.

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