Virgin Australia captain George Kailis has been flying planes for almost 20 years, but fears for himself and his co-workers as the company looks likely to enter into voluntary administration.
Key points:
- Virgin Australia is on the edge of insolvency, with about $5 billion in debt
- Pilots want the Federal Government to step in with a $1.4 billion bailout
- Credit agencies have downgraded Virgin’s rating saying a ‘default’ is likely
The Morrison Government has continued to hold back support for the airline, and despite NSW and Queensland’s governments arguing about where the company should be headquartered, private equity firms are circling.
They are waiting for cash-starved Virgin Australia to enter into voluntary administration, which sources…
Read the full article at: https://www.abc.net.au/news/2020-04-20/virgin-australia-pilot-calls-for-lifeline-against-insolvency/12165550
