XPost: aus.politics, sac.politics, alt.fan.rush-limbaugh
XPost: alt.politics.economics

https://thepointsguy.com/news/virgin-australia-goes-bust/

Virgin Australia has become the largest airline to fail amid the novel coronavirus pandemic that is driving the worst crisis ever faced by global airlines.

The Brisbane-based carrier entered “voluntary administration” — the
Australian equivalent of bankruptcy — on April 21, Virgin Australia said
in a statement. The process will allow the airline to restructure and seek outside investment after its current shareholders and the Australian
government declined to provide aid.

Virgin Australia will continue to operate its already greatly reduced
schedule in Australia and internationally. The airline is operating 64
domestic flights daily, including to Brisbane (BNE), Melbourne (MEL) and
Sydney (SYD), as well as limited international service to Hong Kong (HKG)
and Los Angeles (LAX).

Get Coronavirus travel updates. Stay on top of industry impacts, flight cancellations, and more.


“Our intention is to undertake a process to restructure and re-finance the business and bring it out of administration as soon as possible,” said
Vaughan Strawbridge, one of Virgin Australia’s administrators and a
partner at Deloitte, in a statement. “We have commenced a process of
seeking interest from parties for participation in the recapitalization of
the business and its future.”

Virgin Australia is the largest airline to-date to shut down or file for bankruptcy or an equivalent amid the coronavirus pandemic. UK regional
carrier Flybe was the first to collapse in early March, followed by
regionals Compass Airlines, RavnAir and Trans States Airlines in the U.S.

South African Airways is also near collapse after the South African
government denied its request for aid, Bloomberg reported.

The International Air Transport Association (IATA) has warned that as many
as half of the world’s airlines could collapse or be acquired without government aid to get them through the COVID-19 crisis.

Related: More than half of global airlines could ‘die’ without aid

Virgin Australia has teetered on the edge for weeks. Already financially
weak after a costly multi-year investment spree, the airline sought an Australian dollar 1.4 billion ($888 million) loan from the federal
government at the end of March. That loan was denied as were requests for additional funds from its major shareholders Etihad Airways, Chinese
groups HNA and Nanshan, and Singapore Airlines, the Sydney Morning Herald
has reported.

The airline is the second largest in Australia after Qantas Airways.
Virgin Australia flew nearly 31% of the available seat miles — 37% when including its budget subsidiary Tigerair Australia — in the country in
2019, according to Cirium schedule data. Qantas flew nearly 39% of
capacity in Australia during the year.

Virgin Australia had 10,620 employees at the end of June 2019.



--
No collusion - Special Counsel Robert Swan Mueller III, March 2019.

Donald J. Trump, 304 electoral votes to 227, defeated compulsive liar in
denial Hillary Rodham Clinton on December 19th, 2016. The clown car
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Congratulations President Trump. Thank you for cleaning up the disaster
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Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.

President Trump has boosted the economy, reduced illegal immigration,
appointed dozens of judges and created jobs.

Senile loser and NAMBLA supporter Nancy Pelosi got "Trumped" on February
5, 2020. "President Trump, Not Guilty."

--- SoupGate-Win32 v1.05
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