Virgin Australia (ASX:VAH) enters voluntary administration

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.