Virgin Australia will reportedly collapse into voluntary administration after the embattled airline failed to find a financial backer. Board members are expected to place the carrier into administration in just a few hours. The airline is majority owned by China, Singapore and Abu Dhabi and employs 16,000 people leaving them at risk however the airline could continue trading in administration. Okay — so what does “administration” even mean? Good question: Administration means a private equity firm or government could take ownership stake and provide the airline funding or finance their debt.
As the meeting unfolded Monday, Virgin staff begged state and federal governments to save the airline, which had been grappling with a $5billion debt.
‘We can not collapse, we beg you to help Virgin,’ said one staff member at a media conference at Melbourne Airport today.
