Cases & Deals

QIC invests A$200 million in restructuring of Virgin Australia

Client(s) Queensland Investment Corporation

Jones Day advised the Queensland Investment Corporation (QIC) on its A$200 million combined debt and equity investment and participation in the A$3.5 billion recapitalization and acquisition out of administration of Australia's second largest airline, Virgin Australia, by Bain Capital. The transaction, which QIC entered into on behalf of the State of Queensland, included a 10 year commitment for Virgin to remain headquartered in Queensland. The administration and recapitalization of Virgin Australia was one of the largest and most publicized transactions in Australia in 2020 and won Mergermarket's M&A Deal of the Year for 2020.