Debt-laden Virgin Australia tipped to enter voluntary administration
Enough cash on hand for about four to six weeks of operations, says source
20 April 2020 - 16:26
Sydney — Virgin Australia is poised to enter voluntary administration, two sources close to the matter said on Monday, with the cash-strapped airline unable to weather the coronavirus crisis because of its A$5bn debt.
Australia’s second-biggest carrier, which has about 10,000 employees, last week suspended trading in its shares to continue talks on financial aid and restructuring alternatives. It had requested a loan of A$1.4bn from the government and entered debt-restructuring talks with creditors...
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