Written by Sergeo Domtchenko
It is fair to say that the coronavirus is not hanging around to take any hostages. On Monday evening, Virgin Australia (ASX: VAH) became the highest-profile casualty of the pandemic. Virgin soon announced its intention to enter voluntary administration.
The thought of voluntary administration came off the back of Virgin, dismissing 16,000 employees and the Federal government denying Virgin’s application for a $1.4 billion ‘bail out’ loan.… Read more
To say that Virgin Australia (ASX: VAH) is finding it challenging to navigate through the COVID-19 storm would be an understatement. Virgin’s possible entry into voluntary administration showcases how the airline is on the brink of collapse.
Voluntary admission may be excessive. However, considering Virgin’s cash runway, mountains of debt, and recent decision to stand down 80% of its workforce, voluntary administration seems understandable.… Read more