{"id":21995,"date":"2020-04-21T14:02:02","date_gmt":"2020-04-21T13:02:02","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=21995"},"modified":"2020-04-21T14:02:02","modified_gmt":"2020-04-21T13:02:02","slug":"virgin-australia-goes-into-voluntary-administration","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/virgin-australia-goes-into-voluntary-administration\/","title":{"rendered":"Virgin Australia goes into voluntary administration"},"content":{"rendered":"\n<p><strong>By DPA<\/strong><\/p>\n\n\n<p>After failing to secure a government bailout of $890 million, Virgin Airline Australia has entered voluntary administration, with some 16,000 jobs up in the air.<\/p>\n\n\n<p>The airline is hit by coronavirus pandemic which has stalled growth in airline business.<\/p>\n\n\n<p>The Brisbane-based company confirmed the news on Tuesday morning, saying it went into insolvency \u201cto recapitalise the business and help ensure it emerges in a stronger financial position on the other side\u201d of the COVID-19 crisis.<\/p>\n\n\n<p>\u201cIn 20 years, the Virgin Australia Group has earned its place as part of the fabric of Australia\u2019s tourism industry,\u201d Paul Scurrah, group chief executive for Virgin Australia, said in a statement.<\/p>\n\n\n<p>The group\u2019s airlines flew to 41 destinations, including major cities and regional communities, and contributed around 11 billion dollars (6.9 billion U.S. dollars) to the Australian economy every year, he said.<\/p>\n\n\n<p>The decision comes as Virgin Australia sought financial assistance from a number of parties, including state and federal governments, to help it through an unprecedented financial crisis.<\/p>\n\n\n<p>However, the carrier has not been able to secure the required support, Virgin Australia said in a statement.<\/p>\n\n\n<p>It will continue to operate a limited schedule of flights.<\/p>\n\n\n<p>Four officials from Deloitte accounting firm have been chosen as administrators of the company and some of its subsidiaries.<\/p>\n\n\n<p>\u201cOur intention is to undertake a process to restructure and re-finance the business and bring it out of administration as soon as possible.<\/p>\n\n\n<p>\u201cWe have commenced a process of seeking interest from parties for participation in the recapitalisation of the business and its future, and there have been several expressions of interest so far,\u201d said Vaughan Strawbridge, one of the administrators.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By DPA After failing to secure a government bailout of $890 million, Virgin Airline Australia has entered voluntary administration, with some 16,000 jobs up in the air. The airline is hit by coronavirus pandemic which has stalled growth in airline business. The Brisbane-based company confirmed the news on Tuesday morning, saying it went into insolvency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126],"tags":[],"class_list":["post-21995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-and-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Virgin Australia goes into voluntary administration - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/virgin-australia-goes-into-voluntary-administration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virgin Australia goes into voluntary administration - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By DPA After failing to secure a government bailout of $890 million, Virgin Airline Australia has entered voluntary administration, with some 16,000 jobs up in the air. The airline is hit by coronavirus pandemic which has stalled growth in airline business. 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