Australia

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Ticket revenue dried up was confirmed in the midst of coronavirus travel bans

Virgin Australia has, it has joined voluntarily - so that it is Australia , it is the first major corporate victim of the Corona-Virus-pandemic.

The country's second-largest carrier cut almost all of the flights in the last month following widespread travel bans.

to fight It was with a long-term A$5 billion (£2. 55bn; $3. 17) debt.

The airline is now looking for new buyers and investors, after he to get a loan from the Australian government.

Virgin Australia chief executive Paul Scurrah said: "Our decision today to safeguard The Future of The Virgin Australia Group and the emerging countries on The Other side of the Covid-19 crisis.

"Australia needs a second airline, and We Are determined to keep flying. "

in the Meantime, Sir Richard Branson , whose Virgin Group is a partial owner of Virgin Australia , has offered a Caribbean island, as a security to help you, the UK government rescue package for Virgin Atlantic .

shares were suspended in The Company for the last two weeks, as it struggled to find a survival plan.

Canberra denied a request from The Company for$1. 4bn loan, but in the last month had announced A$900-support for all the local airlines.

Virgin Australia has only two legal gains in the last ten years

It is owned by A Number of persons, including the government of the UAE, Singapore Airlines , China HNA, and Sir Richard Branson 's group.

It employs over 10,000 people directly and a further 6,000 by next to the shops.

Consulting Firm Deloitte had announced, as administrator, appointed on Monday. It will try to restructure The Company debt, pay off creditors and find a buyer - to-be with private equity groups expected to be interested.

Consumer groups and local politicians have expressed concerns that, unless the airline is risen, national flag carrier Qantas hold a quasi-monopoly in Australia .

air traffic is of crucial importance in the vast continent, where the distances between the coastal Capital Cities flights, the only practical way to travel quickly in the country.

Virgin Australia had previously held approximately 31% of domestic flights, while Qantas controls about 58% of The Market .

The long-term loss of the airline will also be seen as a serious blow for Australia 's tourism Industry - a big GDP driver.

Before the shutdown, Virgin Australia has flown over 130 aircraft to 41 destinations, especially the domestic routes, but also international services, including New Zealand , Bali, Fiji, Tokyo, and Los Angeles .

coronavirus pandemic, australia, air travel

Source of news: bbc.com