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Latest Articles in virgin australia

Virgin Australia Creditors Approve Airline's Purchase By Bain Capital

Virgin entered administration in April owing A$7 billion ($5.1 billion) to creditors after suffering from a sharp plunge in demand because of the coronavirus pandemic.

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Virgin Australia's Unsecured Creditors To Get 9%-13% Return Under Bain Deal -Administrator

Virgin's fleet consists of 144 planes, 44 of which are owned and 100 leased or financed, but some of the leased planes will be returned to lessors

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Virgin Australia To Slash Workforce, Focus On Short Haul Under Bain

Virgin's board selected Bain as the winning bidder in late June of an auction that followed the airline's entry into voluntary administration in April.

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Virgin Australia Bondholders Launch Rival Proposal To Stop Private Equity Sale

The proposal involves a debt-to-equity swap among bondholders owed around A$2 billion ($1.39 billion) plus a fresh capital injection of around A$1 billion

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InterGlobe Enterprises Now Confirms Interest In Virgin Australia

Virgin Australia, co-founded by British businessman Richard Branson, had filed for bankruptcy in April after its request to the Australian government for financial aid was turned down.

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Singapore Airlines Commits To Vistara; Says No Obligation To Virgin Australia

The International Air Transport Association (IATA) in April estimated that airlines around the world will lose USD314 billion of revenue from the decline in passenger traffic in 2020 due to COVID-19

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Virgin Australia Administrators Halt Bondholder Payments, Appoint Morgan Stanley For Sale

Trade creditors are also owed A$167 million and landlords are owed A$71 million, court documents show.

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Apollo, Oaktree, BGH Among Those Circling Virgin Australia

The company's administrators said they would hold a first meeting of creditors on April 30 and have retained Houlihan Lokey to advise them on restructuring the airline.

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Virgin Australia Enters Voluntary Administration With Aim To Recapitalise

Virgin employs 10,000 people directly and 6,000 people indirectly in competition with larger rival Qantas Airways Ltd, which would have a virtual monopoly in Australia if Virgin stopped flying.

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Virgin Australia Poised To Enter Voluntary Administration

Virgin Australia had posted an A$88.6 million net loss for the six months to Dec. 31 before, due in part to heavy losses at its small international division.

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Virgin Australia To Cut Capacity, Fleet As Coronavirus Erodes Demand

The bleak outlook comes as Australia's second-biggest airline reported a 78% plunge in underlying pre-tax profit for the six months ended December.

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