Coronavirus shutdown: Virgin Australia airline seeks bankruptcy protection

[ad_1]

CANBERRA: Virgin Australia announced on Tuesday it had entered voluntary administration, seeking bankruptcy protection after a debt crisis worsened by the coronavirus shutdown pushed it into insolvency. Virgin said in a statement to the Australian Securities Exchange that it had appointed a team of Deloitte administrators to “recapitalise the business and help ensure it emerges in a stronger financial position on the other side of the Covid-19 crisis”.

Virgin’s administrators have taken control of the company and will try to work out a way to save either the company or its business. The move came after the Australian government refused Virgin’s request for a 1.4 billion Australian dollar ($888 million) loan.

Rival Qantas Airways argued that it had three times more revenue than Virgin and was therefore entitled to a AU$4.2 billion ($2.7 billion) loan if the smaller airline was not to gain an unfair advantage.



[ad_2]

Source link
[ad_2]

Share This Post

Share on whatsapp
Share on facebook
Share on twitter
Share on pinterest
Share on reddit
Share on telegram
Share on email
Share on linkedin
Share on print

Posted By :

20 thoughts on “Coronavirus shutdown: Virgin Australia airline seeks bankruptcy protection”

  1. Skilful 24-hour interval I am so grateful I institute your blog page, I in truth constitute you by error,
    while I was browse on Askjeeve for something else, Still I
    am Hera instantly and would exactly alike to tell cheers for a incredible send and a altogether
    round off entertaining web log (I likewise get laid the theme/design), I don’t feature sentence to graze it all at the present moment only I get book-pronounced it and too added your RSS
    feeds, so when I accept clock I wish be spinal column to study a flock more, Delight
    do keep on up the awful chore. http://www.cialisles.com/

  2. May I simply say what a relief to find a person that
    truly understands what they’re talking about on the net.
    You actually know how to bring a problem to light and make it important.
    A lot more people ought to check this out and understand this side of your story.
    It’s surprising you aren’t more popular because you most certainly possess the gift.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More to Explore

Want to Write Such Blogs?

Just Fill in Your Details to get started

Want to Write such blogs?

Join in like all our authors and be a part of this community

small_c_popup.png

Hello

We are happy you are here

[wppb-login]

Oh No!

It seems like you have forgotten your password. Don’t worry tell us your email id or username and we’ll try to help
Share on whatsapp
Share on twitter
Share on facebook
Share on pinterest
Share on reddit
Share on telegram
Share on email
Share on linkedin
Share on print
error: Alert: Content is protected !!
Secured By miniOrangeSecured By miniOrange