The tricky bit starts now... Bain Capital has cleared all milestones in its bid for Virgin Australia. Now, the task of turning around crisis hit carrier will start in earnest. Image Credit: Bloomberg

Sydney: Virgin Australia Holdings Ltd. creditors have approved Bain Capital's acquisition of the airline, the last hurdle in the private equity firm's bid to restructure the business which fell into administration in April.

The crucial vote on the A$3.5 billion ($2.5 billion) rescue package by all the airline's creditors - including bondholders, suppliers and employee unions - was passed Friday, according to statements from Bain and administrator Deloitte. The approval was the last key milestone for the voluntary administration process, and caps a hotly-contested auction for the company.

"We can now continue the rebuilding process from the strongest possible platform and with the least disruption," Mike Murphy, a managing director of Bain Capital, said in a statement.

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