The Board of Virgin Australia has chosen to put the company into voluntary administration. With this announcement the Treasure, Josh Frydenberg said that the government was not going to bail out “five large foreign shareholders, with deep pockets, who together own 90% of this airline”.
The Deputy Prime Minister said that there is a way forward for Virgin is the use of Jobkeeper. He also said that this is an opportunity to recapitalize, and for virgin to come out stronger on the other side of the coronavirus crisis.
Delottie has said that the leadership team will continue to run and being control of the business and work with us as we go through the restructuring process.
Delottie also said that they have not changed anything in respect to the operations, or the employees. Currently there are there is no plans to make any redundancies and wages will continue to be paid and those who have been stood down and are accessing job keeper will remian.