In July, the airline reached a rescue agreement for 1,200 million pounds (about 1,300 million euros) that will allow it and declared that it has the support of shareholders, but due to its lack of liquidity, it has decided to join the chapter fifteen.
As reported by HOSTELTUR in Branson will sell its stake in Virgin Galactic to rescue Virgin Atlantic, the owner of the company, the British magnate Richard Branson Will Sell Its Stake In Its Group’s Virgin Galactic Space Tourism Company To Raise $ 500 Million and inject them into their other businesses, especially the Virgin Atlantic airline, operator in the North Atlantic market that announced the layoff of 30% of its workforce and the parking of its largest aircraft and that it has voluntarily entered an extraordinary administration.
Thousands of layoffs at Virgin Australia
On Tuesday, it was also learned that Virgin Australia, the second largest airline in the oceanic country, announced on Wednesday that it will cut some 3,000 jobs in order to refloat the company in the post-COVID-19 era, under the new administration of Bain Capital.
In a statement to the Australian Stock Exchange (ASX), Virgin Australia, which suffered heavily from the closure of internal and international borders last March due to the new coronavirus pandemic, also reported that its low-profile company cost, Tiger Australia, will be “suspended”.
Virgin Australia explained that its plan to cut costs and its fleet of planes, as well as its intentions to resume short-haul domestic and international travel, means that it will not be able to hold more than 6,000 jobs.
“The tourism and aviation sectors face continued uncertainty over COVID-19. Many Australian airports register fewer than 3 percent of passengers compared to last year, in addition to continued changes in government travel restrictions,” the director said on Wednesday. Virgin Australia executive and manager Paul Scurrah.
Virgin Australia declared a voluntary bankruptcy at the end of April after failing to reach a bailout agreement with the government in order to face its high debt and the stoppage of activity by COVID-19, and its administration was awarded Bain Capital.
Virgin Airlines had asked the Australian government, led by Prime Minister Scott Morrison, for financial aid to deal with part of a debt close to 5 billion local dollars (3.160 billion US dollars or 2.910 million euros) in the short term. .