Virgin Australia has collapsed as a result of financial hardship caused by coronavirus outbreak
In this file photo taken on March 19, 2020, a Virgin Australia plane takes off at Sydney Airport in Sydney. Cash-strapped airline Virgin Australia announced it had gone into voluntary administration on April 21, 2020, making it the largest airline to collapse under the shock of the coronavirus outbreak.
The airline was more than $3.2 billion in debt and had appealed for a $880 million loan to stay afloat, but the government refused to bail out the majority foreign-owned company. Ratings agency Moody's said unsecured creditors would have to take "a significant haircut" if the restructure was successful.
Richard Branson, the billionaire founder of Virgin Group, which owns a 10-percent stake in the airline, tweeted a message in support of the Virgin Australia team."This is not the end of Virgin Australia, but I believe a new beginning. I promise we will work day and night to turn this into reality."
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