Virgin Australia Holdings has shuttered its Tigerair Australia (TT, Melbourne Tullamarine) subsidiary as of Thursday, September 10, in line with a sweeping cost-containment and restructuring plan put forward by new owner Bain Capital.

The private equity firm said in August that although the budget airline's business would be closed, its licences and certificates would be retained in case future domestic Australian market conditions improve.

"Tigerair Australia credits will be converted to ‘Future Flight' credits which we anticipate will be available from September 23, 2020 (although this date may change) and can be used for booking flights up to July 31, 2022, with travel valid until June 30, 2023," the airline said.

"The Future Flight credit can be used for booking on Virgin Australia operated flights, and on future services, we operate as the travel market recovers and restrictions ease. This credit is part of a broader proposal by Bain Capital for the Virgin Australia Group."

According to the ch-aviation fleets advanced module, during its lifetime, Tigerair Australia operated a total of fourteen A320-200s of which one, msn 5218, is now in service with IndiGo Airlines (6E, Delhi Int'l) while four others - msn 2906, 3332, 2982, and 2952 - are now in use with Virgin Australia Regional (Perth Int'l). Before bankruptcy, the LCC also operated six B737-800s, all of which are currently stored, as part of a previous plan to eventually transition to the type outright.