Good evening,

Any doubts around global buyout giant Bain Capital's intentions towards Virgin Australia are set to be dispelled.

Tonight we reveal which heavyweight duo in Australia's restructuring industry has been tapped to advise the Mike Murphy-led Bain, which is preparing to submit an indicative offer by Friday.

Meanwhile, representatives from NSW and Victoria's state governments are spending plenty of time in the Virgin data room, in an effort to put together proposals that could knock the socks off administrator Deloitte.

The Victorian camp is said to be mulling a handful of potential structures, including a direct equity stake, a cheap line of debt or some other sort of financial support package to relocate the business to Melbourne.

It's up against NSW, which has former Macquarie Capital financier (and ex-chairman of NSW's defined benefit pension plan manager StatePlus) Michael Carapiet heavily involved.

Moving away from Virgin, a pair of well known Perth heavy-hitters is teaming up to create a new force in West Australian deals, while we also have an update on the sale of ex-Sargon-owned financial advice business Madison Financial Group.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors