Virgin Airline in Australia was hit by the evaporation in demand for travel
From the airline statement:
- Virgin Australia Holdings Limited (ASX: VAH) (Virgin Australia Group or Group) has entered voluntary administration
- to recapitalise the business and help ensure it emerges in a stronger financial position on the other side of the COVID-19 crisis
- Velocity Frequent Flyer, while owned by the Group, is a separate company and is not in administration.
- The decision comes as the Group has continued to seek financial assistance from a number of parties, including State and Federal Governments, to help it through the unprecedented crisis, however is yet to secure the required support.
- Virgin Australia will continue to operate its scheduled international and domestic flights which are helping to transport essential workers, maintain important freight corridors, and return Australians home.
There is more but that’s it in a nutshell.
