The second-biggest airline in Australia is 90 per cent owned by foreign shareholders. They are Etihad and Singapore Airlines, Chinese conglomerates HNA and Nanshan Group, and the Virgin Group. Behind those names are an assortment of high-profile billionaires, from Virgin’s Richard Branson to Abu Dhabi’s insanely wealthy royal family. RELATED: Virgin flight credit could be worthless RELATED: Branson hits out at Australian government Virgin Australia’s announcement on Tuesday that accountancy firm Deloitte would take over as administrators came after it was refused the $1.4 billion taxpayer-funded bailout it said it needed to survive the coronavirus crisis. Virgin Australia entered voluntary administration after a debt crisis was worsened by the coronavirus shutdown. Picture: AP/Rick RycroftSource:AP The Federal Government has been emphatic it will not bail out the airline, and said the administration process will give it the chance to recapitalise and “come stronger on the other side” of the crippling pandemic. “Virgin Australia is a very good airline performing a very important role and this is a difficult day for its staff, for its suppliers and for the aviation sector more broadly,” Mr Frydenberg said yesterday. “But the Government was not going to bail out five large foreign shareholders with deep… Read full this story
- Virgin Australia boss meets unions, experts in last-ditch bid amid coronavirus crisis
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- Virgin Australia is expected to collapse into voluntary administration tonight after crisis talks failed to save the embattled airline - leaving 16,000 employees in limbo
- Virgin Australia goes into voluntary administration putting 16,000 jobs at risk - but it will keep operating while it restructures
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- Billionaire Sir Richard Branson is slammed for blaming Virgin Australia's collapse on lack of taxpayer help in Instagram message to 10,000 devastated staff
- Coronavirus update: Virgin Australia goes into voluntary administration, China rejects calls for independent investigation, National Cabinet eases elective surgery restrictions
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