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Bain added the rival offer was actually designed to “frustrate the administration process by creating as much noise and interference as possible”.

Airlines

Deloitte made the declaration in a letter sent on Friday, which also confirmed that ‘winning’ bidder Bain has already pumped $125 million into the business.

Airlines

The revelation came despite them losing a Federal Court case on Friday to gain access to secret details of Bain’s ‘winning’ proposal.

Airlines

US investors Cyrus said it pulled out due to a “lack of engagement” with the administrator which had “not returned calls, emails or meaningfully engaged”.

Airlines

The offer will involve $800 million to recapitalise the airline and $125 million to keep the business alive during the administration process.

Airlines

Bain Capital has reacted to news the airline's bondholders have launched an 11th-hour bid by making a series of new promises to staff.

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