Virgin Australia will exit voluntary administration as a smaller and slimmer airline, shedding about a third of its workforce as it scales back its fleet and dumps low-cost carrier Tiger.

Airline Ratings editor-in-chief Geoffrey Thomas says Virgin 2.0 will be an attractive airline.

“If you can get rid of the all the parts that don’t work and are too expensive, you do have the fundamentals of a good airline and I guess that’s what Bain Capital has seen,

“They’ve done what everybody expected them to do.”

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