Virgin Australia Enters Trading Halt for Aid, Restructuring Talks Amid Coronavirus Crisis

Cash-strapped Virgin Australia Holdings Ltd entered a trading halt on Tuesday, citing ongoing discussions involving financial assistance and restructuring alternatives to help it weather the coronavirus crisis, Reuters reported. The airline, which had requested A$1.4 billion ($895 million) of loans from the Australian government, said the trading halt on its shares and unsecured notes would remain in place either until an announcement by the company or two trading days, whichever was earlier. Virgin remains in talks with the government about various aid options and has hired investment bank Houlihan Lokey to advise it on a potential debt restructuring, said a person with knowledge of the matter who was not authorised to speak with media. Virgin and Houlihan Lokey did not respond immediately to a request for comment. The Australian newspaper first reported Houlihan Lokey’s involvement. Read more