Airlines may never fully recover from the coronavirus pandemic after Sir Richard Branson’s Virgin Atlantic became the first long-haul airline to ask for a £500million bailout, aviation experts warned today. Last night, Virgin Australia, which is 10 per cent owned by Branson, collapsed with debts of $5billion after failing to secure a government loan of $1.5 billion. The killer virus has already ravaged airlines around the world, with Flybe going into administration in March, regional carriers Trans States Airlines and Compass Airlines in the US collapsing and easyJet securing a £600 million loan earlier this month. However, with the collapse of Virgin Australia – and the desperate plea from Virgin Atlantic boss Branson for an emergency £500 million bailout – major international carriers are also now in danger of failing. Despite public anger at potential bailouts, industry experts have warned airline survival is entirely dependent on government’s investment, with some admitting that, even with public funds, it still might not be enough. Others have questioned whether it is time for the government to refrain from bailing out airlines altogether. Last night, Virgin Australia, which is 10 per cent owned by Sir Richard Branson, collapsed with debts of $5billion after failing… Read full this story
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Airlines may NEVER fully recover from coronavirus crisis say aviation experts - as Virgin Atlantic follows easyJet in asking for £500m government bailout and collapse of Virgin Australia and Flybe have 363 words, post on www.dailymail.co.uk at April 21, 2020. This is cached page on Travel Breaking News. If you want remove this page, please contact us.