Virgin Australia collapsed in April under A$6.8 billion in borrowings as the outbreak halted global travel. Even before coronavirus-related restrictions nearly froze revenue, Virgin Australia had lost money for seven consecutive years.
When it went under, Virgin Australia employed about 10,000 staff and operated 144 aircraft, generating almost 80 per cent of its revenue from domestic flights. It had pushed back delivery of Boeing 737 MAX jets to July 2021, when it expected to receive the first of the 48 it had on order. Shareholders, though, can expect nothing, Deloitte said. Virgin Australia was almost entirely owned by four foreign aviation groups - Singapore Airlines, Etihad, HNA Group and Nanshan Group -- that each owned 20 per cent stakes. Richard Branson's Virgin Group owned about 10 per cent.
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