The Virgin Australia Group (ASX:VAH) grounds international fleet

Company News

by Rachael Jones

The Virgin Australia Group (ASX:VAH) has today announced they will suspend all international flying for a period of two and a half months in response to the new travel restrictions announced by Government.

This will be from 30 March to 14 June 2020.

There will also be further cuts to domestic capacity in response.

Temporary grounding of the equivalent of 53 aircraft from the Group’s fleet.

They will work to bring Australians home and returning visitors back to their point of origin safely.

Wherever possible, we will aim to avoid redundancies by fast-tracking measures such as the use of accrued leave, leave without pay and redeployment.

Shares in The Virgin Australia Group (ASX:VAH) are trading 4.76 per cent higher at 7 cents.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.