Virgin Australia forced into voluntary administration

Funny cartoon.
Branson is a pot smoking hippy with a scraggy beard.

Good luck with that Sir Richard!  I thought he "owned" more than 10% of Virgin but ......... the bloody Chinese own most of it.  No bloody way!

Quote :

Virgin Australia is majority foreign-owned by Etihad Airways (20.94 per cent stake), Singapore Airlines (20.09 per cent), Nanshan Group (19.98 per cent), HNA Group (19.82 per cent) and Richard Branson's Virgin Group (10.42 per cent).

Virgin Australia forced into voluntary administration, thousands of jobs at risk, after coronavirus restrictions cripple cash flow

Virgin Australia has entered voluntary administration, leaving the jobs of at least 15,000 airline workers and connected supply chain workers under a cloud.
In a statement to the ASX, the airline said the move would help "recapitalise the business" and ensure it emerged "in a stronger financial position on the other side of the COVID-19 crisis".
The board of directors has appointed Deloitte's Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes as voluntary administrators of the company and a number of its subsidiaries.
Velocity Frequent Flyer, while owned by the Group, is a separate company and is not in administration.
The airline will continue to operate its scheduled international and domestic flights.
Australia's troubled second airline, which saw its cash flow collapse because of tough coronavirus travel restrictions, is saddled with around $5 billion debt.
It has already stood down 80 per cent of its direct workforce and announced 1,000 redundancies in the past few weeks.
The airline called in the administrators after the Federal Government refused to step in with a $1.4 billion loan, despite repeated pleas from company management.
Virgin has also been in talks with the New South Wales and Queensland state governments, but is yet to secure support.

https://www.abc.net.au/news/2020-04-21/virgin-australia-goes-into-voluntary-administration-coronavirus/12167814