Virgin Australia enters voluntary administration

Virgin Australia Holdings Limited announced (21-Apr-2020) Virgin Australia Group entered voluntary administration to recapitalise the business and ensure it emerges in a stronger financial position following the recovery from the coronavirus crisis. The group's board of directors appointed Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes from Deloitte as voluntary administrators of the company and a number of its subsidiaries. The decision comes as the group continued to seek financial assistance from a number of parties, however is yet to secure the required support. Velocity Frequent Flyer is not in administration. Virgin Australia will continue to operate its scheduled international and domestic services to assist transport essential workers, maintain freight corridors and return Australian nationals. The administrators will be supported by the group's management team and will work closely with team members, suppliers and partners throughout the process. [more - original PR]