Virgin Australia collapses into administration
Virgin Australia has confirmed it has entered voluntary administration - making it Australia's first big corporate casualty of the coronavirus pandemic.
The country's second-largest carrier cut virtually all flights last month following wide-spread travel bans.
It was already fighting a long-term A$5bn (£2.55bn; $3.17bn) debt.
The airline is currently seeking new buyers and investors, after failing to have a loan from Australia's government.
Virgin Australia leader Paul Scurrah said: "Our decision today is about securing the future of the Virgin Australia Group and emerging on the other side of the Covid-19 crisis.
"Australia requires a second airline and we are determined to keep flying."
Meanwhile, Sir Richard Branson - whose Virgin group is a part-owner of Virgin Australia - has offered a Caribbean island as collateral to greatly help get a UK government bailout of Virgin Atlantic.
Shares have been suspended in the firm for days gone by fortnight since it struggled to look for a survival plan.
Canberra refused a request from the business for a A$1.4bn loan, however in days gone by month had announced around A$900m in support for all local airlines.
Virgin Australia has turned just two statutory profits during the past decade.
It is part-owned by several entities like the UAE government, Singapore Airlines, China's HNA, and Sir Richard Branson's Group.
It employs about 10,000 persons directly and another 6,000 through ancillary businesses.
Consulting firm Deloitte announced it had appointed as administrator on Monday. It'll try to restructure the firm's debt, pay back creditors and discover a buyer - with private equity groups likely to be interested.
Consumer groups and local politicians have voiced concerns that unless the airline is resurrected, national flag carrier Qantas will hold a near-monopoly in Australia.
Air travel is essential in the vast continent where distances between coastal capital cities make flights the only practical way to visit quickly domestically.
Virgin Australia had previously held around 31% of domestic flights, while Qantas handled around 58% of the market.
The long-term loss of the airline may also be regarded as a major blow to Australia's tourism industry - a major GDP driver.
Prior to the shutdown, Virgin Australia had flown about 130 aircraft to 41 destinations - mainly domestic routes, but also international services including to New Zealand, Bali, Fiji, Tokyo and LA.
