Virgin Australia Airlines will be sold to Boston-based Bain Capital

Virgin Australia's creditors have agreed to sell the airline to US-based Bain Capital in a deal that will see the carrier cut 3,000 jobs and end many of its international flights. Co-founded by British businessman Richard Branson, the airline in April became the world's largest to seek bankruptcy protection after the coronavirus pandemic grounded much of the aviation industry. It plans to reemerge with cheap fares as a value-based carrier.