Another turbulent day for the aviation industry.
The bidding war for embattled airline Virgin Australia, ended after administrator Delloitte handed ownership to American private equity giant, Bain Capital.
TWU National Secretary Michael Kaine says it's a win for jobs.
Under Bain, Virgin 2.0 will relaunch as a hybrid low cost airline.
All employee entitlements will be honoured as well as a more integrated Velocity frequent flyer program and all existing travel credits.
Creditors will vote on the sale in August.
But it's not a done deal, after bondholders put in their own conditional proposal.
Staff across the aviation sector are concerned about Qantas's looming 6000 job cuts.
