Virgin Australia: fresh call for government bailout as stricken airline's cash reserves dwindle

Virgin Australia’s fast-dwindling cash reserves have rekindled union calls for a government bailout of the stricken airline ahead of a meeting of key creditors on Thursday. The administrators, partners at big accounting firm Deloitte, say they are likely to require “interim funding” from the end of next month and have been discussing options with the federal government. They have also spent the past week obtaining court approval to avoid personal liability for the debts the airline continues to run up under their stewardship, in a bid to keep it alive long enough to sell it. In late March, as passenger bookings plunged due to the coronavirus crisis, Virgin Australia sought $1.4b in government funding to stay alive until the end of the pandemic. But on Friday, the lead administrator, Vaughan Strawbridge, told Guardian Australia he had more than $100m on hand, which would be enough to see the airline through to a sale by mid- to late-June. “Cash has been unlocked within the business and cost reductions have been achieved,” a Deloitte spokesman said on Wednesday.<br/>