"But this is the best possible deal we could get to secure as many jobs as possible for Queensland."
Mr Dick was still keeping"the maroon cards close to the chest"until the deal was done but said the government-owned Queensland Investment Corporation was"looking to take an equity stake and provide other incentives to ensure Virgin stays in Queensland".
"We are so pleased that the Queensland maroons have beaten the New South Wales blues yet again,"he said.
"We know just last weekend NSW put in a last-minute bid to try and snatch Virgin from Queensland.
"I am so pleased that Victoria,that wanted to relocate Virgin,and NSW,that wanted to relocate Virgin,were not successful."
Mr Dick said the QIC had"stuck to the parameters put forward originally and that was to commit up to $200 million".
Virgin went into voluntary administration in April with debts of $6.8 billion,setting off a months-long sale process.
The sale could also still be up-ended by a late intervention from Virgin’s unsecured bond-holders who have presented a proposal totake control and recapitalise the airline.
At the creditors meeting in August,Deloitte will have to measure Bain's offer with that from the bond-holders to consider the rights of all creditors.
Sources close to the dealings say the Bain offer has little in the way of a payout for bond-holders who are owed $2 billion.
Transport Workers Union state secretary Peter Biagini said the announcement gave certainty for workers who had been in the dark for months.
"We are working with Bain,as we did with Cyrus,both gave us pretty good commitments that this is not going to end up a budget airline,they are going to be a clear competitor to Qantas,"he said.
"There will be job losses but we will work with Bain to make sure that workers are looked after and it is done fair.
"There is money there if people have got to be made redundant,the money is there for that,we have been given that assurance."
Nick Harris,who has worked as a cabin crew member with Virgin for 14 years,said workers were relieved there was some certainty.
"I think it would probably be naive for people to expect that it is all going to be rainbows and lollipops and we are all going to go back to normal,"he said.
"There is a general understanding,certainly among my colleagues that we aren't quite going to be the same as what we were but that still doesn't take away the hope and positivity that we feel from the announcement today."
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