Canberra mulling Virgin Australia’s bailout request: Deputy PM

The Australian govt is still considering Virgin Australia’s request for a bailout, the deputy prime minister said, after the carrier cut schedules further. “We will continue to look at the situation, I will continue to talk to the key stakeholders, Qantas and Virgin,” Michael McCormack said April 12. Virgin Australia said March 31 that it was seeking A$1.4b (US$890m) in financial support from Canberra and its proposal may include the option for the govt to convert any such loan into equity. Asked whether he was open to a loan for the country’s second-largest carrier, McCormack said: “We want a 2-airline sector coming out of this.” However, he added, “We’ve already put a billion dollars on the table.” Even before the coronavirus crisis, Virgin Australia was already struggling, having posted losses for the last 7 financial years. <br/>