Virgin Australia slumps into voluntary administration - BBC News

in hive-116221 •  5 years ago 

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Virgin Australia has confirmed it has entered voluntary administration - making it Australia's first big corporate casualty of the coronavirus pandemic.

The country's second-largest carrier cut almost all flights last month following wide-spread travel bans.

It was already struggling with a long-term A$5bn (£2.55bn; $3.17bn) debt.

The airline is now seeking new buyers and investors, after failing to get a loan from Australia's government.

Virgin Australia chief executive Paul Scurrah said: "Our decision today is about securing the future of the Virgin Australia Group and emerging on the other side of the Covid-19 crisis.


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