Virgin Australia collapses as virus wipes out global air travel

Virgin Australia Holdings became Australia’s biggest corporate casualty of the coronavirus, calling in administrators after the outbreak deprived the debt-burdened airline of almost all income. Deloitte will take control of the company, the airline said Tuesday. The administrators will be tasked with finding new investors to inject capital, reorganising borrowings or getting a buyer in an attempt to save the business. “We have commenced a process of seeking interest from parties for participation in the recapitalisation of the business and its future, and there have been several expressions of interest so far,” said one of the administrators at Deloitte. The airline’s Velocity Frequent Flyer program is a separate company and is not in administration. <br/>