Bain Capital, LP’s Mike Murphy presents as the safe pair of hands with a team on the ground and at least $25 billion in capital to apply should it win next week’s contest for Virgin Australia Holdings Limited (ASX:VAH). Cyrus Capital Partners, L.P. is said to be still looking for partners, and while the two have similar plans, supporting management’s own ideas for the $7.1 billion debt-burdened carrier, the ability to execute holds the key. Cyrus’s primary $4 billion fund would normally only support a bid of about $400 million, well short of the expected $700 million to $1.2 billion final bid, but administrator Vaughan Strawbridge was clearly satisfied to let it reach this level. Bids for Virgin close on June 22, 2020 with a decision expected mid-week and then a frantic month for the winning bidder to negotiate deals with the myriad debt holders, such as the expensive contracts with GoGO for the in-flight Wi-Fi, caterers Gate Gourmet and Boeing. The final deal is due to go to creditors for approval on August 22, 2020.