Virgin Australia gets A$425m loan from airline shareholders

Virgin Australia has obtained a 12-month, A$425m unsecured loan from its 4 major shareholders, Air NZ, Etihad Airways, SIA and Virgin Group that will give the airline more time to fix up its balance sheet. The move comes as part of a broader review of Virgin's capital structure. The airline took out a $164m loan in the first half of the financial year amid a decline in its unrestricted cash balance. Virgin chairman Elizabeth Bryan said the airline had "largely completed" one of the most successful transformations in Australian corporate history over the last 6 years and was now reporting profitability and earnings growth. "The board is focused on optimising the group's balance sheet and capital structure to support the ongoing execution of its strategy and will lead a capital structure review," she said. <br/>