Virgin Australia (ASX:VAH) has entered voluntary administration but will continue to operate its scheduled international and domestic flights to help essential workers and Australians returning home.
The decision comes as the Group has continued to seek financial assistance from a number of parties, including State and Federal Governments, to help it through the unprecedented crisis, however is yet to secure the required support.
The company employs more than 10,000 people and a further 6,000 indirectly, they fly to 41 destinations including major cities and regional communities, and have more than 10 million members of their Velocity loyalty program.
Velocity Frequent Flyer, while owned by the Group, is a separate company and is not in administration.
The company contributes around $11 billion to the Australian economy every year.