Virgin Blue to raise fresh equity, supported by Virgin Group; CEO to retire

Virgin Blue has announced plans to raise AUD231.4 million to "improve liquidity and increase financial flexibility". The fully underwritten capital raising will be supported by Sir Richard Branson's Virgin Group. The fund raising move comes as Virgin Blue Group expected to report losses of up to AUD165 million in the 12 months ended 30-Jun-2009, though the Group forecasts a breakeven result in FY2009/2010. This is after reporting a AUD101.4 million net loss in the first half to 31-Dec-2008.