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This compact case provides scope to examine, discuss and learn issues related to Voluntary Administration for Executive Boardroom as well as PG participants' of Strategy and General Management courses, besides Airline, Finance and Marketing Management courses. Virgin Australia, the flagship company of Virgin Australia Holdings Limited (VAHL), with about 31.3% market share had been Australia's second-biggest carrier after Qantas Airways Limited. Wheeling under huge debt and unable to weather the COVID-19 pandemic crisis, Virgin Australia entered Voluntary Administration in April 2020, after the airline group failed to secure extra funding from various sources including all majority stakeholders and the Government for a possible bail out. The VAHL Board appointed Deloitte as administrator to undertake the process of re-financing the business and bring it out of administration as soon as possible. Subsequently, in the ensuing months, the US-based Bain Capital LP (Bain Capital), one of the world's leading multi-asset alternative investment firms, took control of Virgin Australia as the new owner to transform and to stay afloat in the Australian skies. With sharp focus on profitability, would Bain Capital and the new team keep Virgin Australia afloat and win back its reputation among the corporate and business travellers.