Bain buys Virgin Australia in bold bet on shattered industry

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bain to buy Virgin Australia in bold bet on airline industry shattered by pandemicSYDNEY (BLOOMBERG) - Bain Capital will buy collapsed Virgin Australia Holdings in one of the biggest single bets on the airline industry since it was shattered by the coronavirus pandemic.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Bain to buy Virgin Australia in bold bet on airline industry shattered by pandemicSYDNEY (BLOOMBERG) - Bain Capital will buy collapsed Virgin Australia Holdings in one of the biggest single bets on the airline industry since it was shattered by the coronavirus pandemic.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »