Virgin Australia Enters Voluntary Administration With Aim to Recapitalize

Virgin Australia Holdings Ltd said on Tuesday it has entered voluntary administration to recapitalize the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load, Reuters reported. Deloitte has been appointed as the administrator, Virgin said in a statement, after the airline was unable to secure a A$1.4 billion ($887.60 million) loan from the federal government. Virgin said the current management team led by Chief Executive Paul Scurrah would continue to run the business and it would still operate scheduled domestic and international flights to help transport essential workers, maintain freight corridors and return Australians home. “This is a tough day for our airline but it is certainly not the end. We are not collapsing,” Scurrah told reporters. Read more