Billionaire Richard Branson is facing the complete collapse of the airline portion of his Virgin empire after the antipodean division, Virgin Australia, went into administration on Tuesday. The bondholders left stranded by Virgin Australia's collapse Desperate bond investors went into panic mode as the airline fell victim to the pandemic. The pandemic has forced Australia's second-largest domestic air carrier into voluntary administration, after the government refused to bail it out. Welcome to Virgin Atlantic. News & Advice. Age readers have their say on the collapse of Virgin Australia, the coronavirus and Malcolm Turnbull. Virgin Australia had been struggling to re-finance a long-term A$5 billion (£2.55 billion) debt. Gatwick airport re-opens North Terminal with strict social distancing. Virgin Atlantic‘s founder, Sir Richard Branson, has revealed that the airline could be facing imminent collapse, unless a government lifeline is extended.. Virgin Australia, the country’s second-biggest airline, is on the brink of collapse after it failed in its attempt to secure a AU$1.4bn (£715m) bailout from the Australian government. travel; travel updates; Virgin Australia: Sir Richard Branson writes open letter to Virgin employees after reports of airline’s collapse. Virgin Australia airline nears collapse over COVID-19 crisis. Virgin Australia is expected to enter voluntary administration after the airline's board held an emergency meeting of its international shareholders to find a way through the coronavirus downturn. In an open letter to employees of Virgin Atlantic, and the now-collapsed Virgin Australia, Branson said that survival of Virgin Atlantic was vital to provide competition to the UK flag-carrier British Airways. In a blog post published today, Richard Branson makes it clear that without government support, Virgin Atlantic won’t survive:. Virgin Australia joins FlyBe – the UK’s biggest domestic airline before it collapsed last month – among the industry’s first corporate casualties of the virus. Richard Branson offers his island as collateral as Virgin Atlantic and Virgin Australia face collapse By Hanna Ziady , CNN Business Updated 4:14 AM ET, Tue April 21, 2020 Richard Branson makes plea for Virgin Atlantic. The airline’s near collapse comes after Virgin Group founder Richard Branson defended seeking state aid and said Virgin Atlantic “will need government support” to stay afloat. Proposing Necker as loan security, Branson places it among “other Virgin assets,” saying, ... Richard Branson Tries to Mortgage Private Necker Island to Save Airlines Amid Coronavirus Collapse. Find our best fares on your next flights to the US and beyond, with a fantastic choice of food, drinks, award winning entertainment and onboard WiFi. https://www.mirror.co.uk/money/breaking-virgin-atlantic-warns-collapse-21895378 He also expressed concern about the consequences of the collapse of Virgin Australia. Cash-strapped Virgin Australia collapsed Tuesday, making it the largest carrier yet to buckle under the strain of the coronavirus pandemic, which has ravaged the global airline industry. Virgin Australia had previously held around 31% of domestic flights, while Qantas controlled around 58% of the market. Virgin Australia is the first major airline in Asia Pacific to succumb to the loss of ... Richard Branson offers his island as collateral as Virgin Atlantic and Virgin Australia face collapse. SYDNEY • The collapse of Virgin Australia Holdings after the briefest of fights indicates the world's weakest airlines have little time to secure funds before they succumb to the coronavirus. Some aviation experts predict only around 20 to 30 airlines will remain at the end of the COVID-19 crisis, as reported in an ABC article, however they will mostly be national airlines. The 14-Sep-2001 collapse of Ansett Australia set the following decade for a series of rapid and momentous changes in Australian air transport, with effects felt globally. Hello you. According to a report in The Australian Financial Review, the airline has been backed into a corner and has no option but to hand over to administrators.Virgin Australia had approached the Australian Government for a USD$890 million loan. Government support critical to industry's overall survival If Virgin Australia were to collapse, it would only be a small portion of the amount of airlines expected to collapse around the world. Virgin Australia Holdings Ltd. became Asia’s first airline to fall to the coronavirus after the outbreak deprived the debt-burdened company of almost all income. Virgin Atlantic could be in imminent danger of collapse without government support, founder Richard Branson has warned. News & Advice. Pandemic forces Australia’s second-largest domestic air carrier into voluntary administration, after government refuses to bail it out. Virgin has denied reports Sir Richard Branson is seeking a buyer for Virgin Atlantic to save the airline from collapse. Virgin Australia CEO Paul Scurrah said the “courageous decision” was made on Tuesday after the Federal Government refused a $1.4 billion bailout to help the airline survive the pandemic. It had been claimed he was looking for a buyer and set an end-of-May deadline. On Virgin Atlantic's 36th birthday, the airline reveals Heathrow links. Coronavirus: Sir Richard Branson offers tropical island home to secure Virgin rescue. Coronavirus has seen a nation of travellers grounded and Virgin is asking for help to the tune of $1.4 billion. Transportation Virgin collapse hints at further turmoil facing Asian airlines. The collapse of Virgin Australia Holdings Ltd. after the briefest of fights indicates the world’s weakest airlines have little time to secure funds before they succumb to the coronavirus. Virgin Australia backed into a corner. The carrier is believed to be seeking £500 million from the UK government. Virgin Australia has asked the federal government for a $1.4 billion loan in order to ensure its survival, warning that Australia risks going back to a monopoly if the airline collapses. The tourism industry warns if Virgin Australia collapses it could deliver a knockout blow to many WA businesses who were already on their knees as a result of coronavirus. And if the Government obliges, Qantas wants an even bigger piece of the pie. 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