BRISBANE, April 20 — Troubled airline Virgin Australia on Monday moved toward voluntary administration, an AFP source said, becoming the largest airline yet to fall victim to the coronavirus pandemic. The cash-strapped carrier had appealed for an A$1.4 billion (RM3.9 billion) loan to continue...
The cash-strapped carrier had appealed for an A$1.4 billion loan to continue operations, but the federal government refused to bail out the majority foreign-owned company. — Reuters pic
The cash-strapped carrier had appealed for an A$1.4 billion loan to continue operations, but the federal government refused to bail out the majority foreign-owned company. Virgin had stood down 8,000 staff, suspended all international routes and scrapped all bar one domestic route after Australia shut its borders to limit the spread of Covid-19 and imposed tough restrictions on movement.
Queensland’s government had offered Virgin an additional A$200 million on the condition the airline kept its headquarters in the state capital, Brisbane.However, those offers do not appear to have been enough to keep the airline from collapsing underneath more than A$5 billion in debt.
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