Virgin Australia officially in Administration, continues flights

In a statement to the Australian Stock Exchange, Virgin Australia confirmed confirmed it had placed itself into Voluntary Administration. The statement said the move would enable a recaptilisation of the business. pic.twitter.com/b7xW5NDANo — Virgin Australia (@VirginAustralia) April 20, 2020 Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes from Deloitte have been appointed as the…

Explainer: what’s next for Virgin Australia?

With the confirmation of reports that Virgin Australia is entering voluntary administration earlier this morning, frequent flyers and the Australian public have voiced concern over what lies ahead for the troubled airline. Virgin Australia Holdings Limited, under the strain of around A$5.3 billion in debt and the Australian Government rejecting its requests for $1.4 billion…

South African Airways could collapse within few days

Over 4,700 employees stand to lose their jobs. The airline could be grounded permanently after the department of enterprises rejected a request for a R10 billion bailout earlier this month. SAA will have to sell off most of its assets to be able to pay off creditors and settle workers’ severance packages. The business rescue…

Queensland Government offers Virgin Australia conditional $A200 million

The Queensland state government has offered Virgin Australia a conditional $200 million bailout ($127.3 million, €117.1 million £101.9 million). One of the conditions include Virgin keeping it’s headquarters in the Queensland capital of Brisbane. Other conditions include the Australian Government backing the airline, debt restructuring, shareholders and bondholders “doing their bit” and ongoing regional flights.…