We are now only days away from knowing who will be the new owners of Virgin Australia.
Two binding bids from Bain Capital and Cyrus Capital Partners have been received and following assessment by the administrators, an announcement is expected by 30 June.
And while we await the outcome, it’s good news for travellers with both bidders committing to honour Virgin Australia tickets.
The Australian Federation of Travel Agents (AFTA) has confirmed they have pledges from both Bain Capital and Cyrus Capital that they will honour the estimated $100 million worth of pre-paid Virgin Australia tickets purchased through member travel agents.
Cyrus Capital has said that if they are the successful bidder, the the New York-based investment firm will also honour Velocity Frequent Flyer points. That’s more encouraging news for the reward program’s 10 million members and a similar commitment is being sought from Bain Capital.
In the meantime, as part of the Velocity program’s ‘unfreezing’, Virgin Australia is now allowing members to redeem their points on flights for travel from 1 September, 2020.