Senin, 20 April 2020

Richard Branson warns Virgin Atlantic will collapse without £500m taxpayer-funded bailout - Daily Mail

Richard Branson warns Virgin Atlantic will collapse without £500m taxpayer-funded bailout - but offers own $100m private Caribbean island Necker as collateral

  • Sir Richard Branson has warned that Virgin Atlantic will collapse without support
  • Virgin Group boss said the airline needs help in the form of a commercial loan
  • He said on Twitter he lives in Necker because he 'loves the British Virgin Islands' 
  • Plea to save Virgin Atlantic follows rejected bailout for Virgin Australia 
  • Virgin Australia is said to be on the brink of collapsing into administration  

Sir Richard Branson has warned that Virgin Atlantic will collapse unless it receives UK taxpayer support while Virgin Australia is reportedly just hours from going into administration after failing to get a bailout from the Australian government.

The Virgin Group boss, who is estimated to be worth more than $4 billion, said Virgin Atlantic needs UK taxpayer support in the form of a commercial loan, with reports indicating that the carrier is asking for up to £500 million of public money.

The billionaire businessman offered his own private Caribbean island of Necker, estimated by Forbes to be worth £80m - less than one fifth of the figure being requested - as collateral for any taxpayer cash used to save the struggling airline.

He has previously vowed to plough £215million of his own money into his business empire - which includes an airline, railway franchise and leisure centres - to keep it afloat during the coronavirus pandemic. 

Virgin Australia - the county's second-biggest airline is part-owned by the Virgin group and founded by Branson - is today reportedly due to collapse into voluntary administration after failing to secure 1.4 billion Australian dollars (£716million).

Sir Richard Branson has warned that Virgin Atlantic will collapse unless it receives Government support

Sir Richard Branson has warned that Virgin Atlantic will collapse unless it receives Government support

Board members are expected to place the carrier he founded into administration on Monday night after a crisis meeting. As the meeting unfolded, Virgin Australia staff begged state and federal governments to save the airline, which had been grappling with a $5billion debt.  

WHY DID RICHARD BRANSON SUE THE NHS? 

Richard Branson’s healthcare firm pocketed £2million of public money by suing the NHS.

Virgin Care took High Court action after losing out on an £82million contract to provide children’s medical services in Surrey in 2016.

The work was handed to a rival group of in-house NHS providers and a social enterprise firm last year. Virgin Care claimed there were ‘serious flaws in the procurement process’ and secured an out-of-court settlement in November 2017.

Accounts released the following year revealed that six clinical commissioning groups and NHS England paid Virgin Care £1.565million. Surrey County Council handed over another £440,000 and at least £243,000 more was diverted from frontline NHS services to cover legal fees.

Virgin Care won £1billion of NHS contracts in 2016/17 as £3.1billion of health services were privatised.

Branson today posted a message on Twitter saying Virgin Atlantic employees had 'virtually unanimously' decided to take a wage reduction to save jobs and 'if the UK government does help Virgin Atlantic to survive, it will not be free money but repaid on commercial terms'.

He said that he lives on Necker, the island he bought aged 28, because he 'loves the British Virgin Islands' and his companies 'all pay tax in the countries they operate in'. 

The tycoon added that his team would 'raise as much money against the island as possible to save as many jobs as possible'. 

Virgin companies employ more than 70,000 people across 35 countries and Sir Richard added that recovery would 'depend critically' on governments implementing and mobilising support programmes which they had announced. 

As part of Virgin Limited edition, Branson owns several luxury holiday retreats around the world, available for hire.

Properties under the group include the Kasbah Tamadot hotel in Asni, Morocco; 'The Lodge' ski lodge in Verbier, Switzerland; Son Bunyola villas in Mallorca, Spain; the Ulusaba game reserve in Mpumalanga, South Africa; Mahali Mzuri, a luxury safari camp in Kenya; and Makepeace Island in Noosa, Australia.    

Branson's impressive collection of real estate also includes the exclusive Roof Gardens in London's Kensington High Street - bought by the entrepreneur in 1981, according to Bisnow

Singapore Airlines, Etihad, HNA and China’s Nanshan Group are among Virgin’s existing shareholders resisting more investment into the loss-making airline - which has net debt of nearly A$5bn, the FT reports. 

In an open letter to Virgin Group employees, Sir Richard, 69, wrote: 'We will do everything we can to keep the airline going - but we will need Government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for.

The Virgin Group boss said the airline needs taxpayer support in the form of a commercial loan

The Virgin Group boss said the airline needs taxpayer support in the form of a commercial loan

'This would be in the form of a commercial loan - it wouldn't be free money and the airline would pay it back (as easyJet will do for the £600 million loan the Government recently gave them).

How coronavirus has affected airlines in the UK over the past month

Flybe: Europe's largest regional airline collapsed on March 5 after months on the brink, triggering 2,400 job losses and left around 15,000 passengers stranded across the UK and Europe. Flybe's owners, a consortium including Virgin Atlantic, the Stobart Group and hedge fund firm Cyrus Capital, blamed coronavirus for hastening the ailing airline's collapse. Flybe operated up to 50 UK routes, accounting for 40 per cent of all domestic flights, and was used by 9.5million passengers a year.

British Airways: The International Airlines Group, which also includes Iberia and Aer Lingus, said on March 16 that there would be a 75 per cent reduction in passenger capacity for two months, with boss Willie Walsh admitting there was 'no guarantee that many European airlines would survive'.

easyJet: The airline with 9,000 UK-based staff including 4,000 cabin crew grounded its entire fleet of 344 planes on March 30. The Luton-based carrier said parking all of its planes 'removes significant cost' as the aviation industry struggles to cope with a collapse in demand.

Loganair: The Scottish regional airline said on March 30 that it expects to ask the Government for a bailout to cope with the impact of the pandemic. Loganair will go to the government despite being told by Finance Minister Rishi Sunak last week that airlines should exhaust all other options for funding, before asking for help.

Jet2: The budget holiday airline has suspended all of its flights departing from Britain until June 17. A number of Jet2 flights turned around mid-air last month while travelling to Spain when a lockdown was announced in the country.

Virgin Atlantic: The airline said on March 16 that it would have reduced its lights by 80 per cent by March 26, and this will go up to 85 per cent by April. It has also urged the Government to offer carriers emergency credit facilities worth up to £7.5billion.

Ryanair: More than 90 per cent of the Irish-based airline's planes are now grounded, with the rest of the aircraft providing repatriation and rescue flights.

'The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it.

'Without it there won't be any competition left and hundreds of thousands more jobs will be lost, along with critical connectivity and huge economic value.'

Airlines around the world have grounded the vast majority of their aircraft due to the collapse in demand and travel restrictions caused by the coronavirus pandemic.

Earlier this month British Airways' Spanish owners axed a controversial £300million payout to shareholders as staff accused them of running the airline into the ground by furloughing 36,000 of its 45,000-strong workforce.

Madrid-based International Airlines Group proposed a dividend of around 17p per share in February, when the ravages of the killer virus on society and the global economy were already apparent.

But chief financial officer Stephen Gunning said the cash would instead be used to keep the company going through the virus crisis. 

Airline and holiday company EasyJet secured a £600 million loan from the Treasury and the Bank of England's coronavirus fund - after its founder warned that the budget airline will 'run out of money by around August'. 

The airline also said it would be borrowing £407 million from creditors that would ensure its liquidity throughout uncertain times. The firm had used the government's Covid-19 corporate finance facility which allows businesses to apply for loans at the pre-crisis rate.  

Also this month, Virgin Atlantic had called on the Government to offer the UK's airline industry emergency credit facilities worth up to £7.5 billion.

Chancellor Rishi Sunak has previously said he will not create a specific support package for the sector but the Government is prepared to negotiate with individual firms once they have 'exhausted other options', such as raising cash from existing investors.

Virgin Atlantic, founded by Sir Richard, has told staff to take eight weeks of unpaid leave.

This led to calls for the billionaire to step in to ensure their wages are paid in full.

In his letter to staff, he wrote he has 'seen lots of comments about my net worth' but insisted this is calculated on the value of Virgin businesses before the coronavirus pandemic, rather than 'cash in a bank account ready to withdraw'.

Sir Richard that he lives on Necker, in the British Virgin Islands, because 'I love BVIs [British Virgin Islands] ... our companies all pay tax in the countries they operate in', and his team would 'raise as much money against the island as possible to save as many jobs as possible' (pictured: Necker Island)

Sir Richard that he lives on Necker, in the British Virgin Islands, because 'I love BVIs [British Virgin Islands] ... our companies all pay tax in the countries they operate in', and his team would 'raise as much money against the island as possible to save as many jobs as possible' (pictured: Necker Island)

Sir Richard's island is to the east of Puerto Rico. In an open letter to Virgin Group employees, Sir Richard wrote: 'We will do everything we can to keep the airline going'

Sir Richard's island is to the east of Puerto Rico. In an open letter to Virgin Group employees, Sir Richard wrote: 'We will do everything we can to keep the airline going'

Paradise: Necker Island, which Richard Branson bought when he was just 28

Paradise: Necker Island, which Richard Branson bought when he was just 28

In an open letter to Virgin Group employees, Sir Richard wrote: 'We will do everything we can to keep the airline going' (stock image)

In an open letter to Virgin Group employees, Sir Richard wrote: 'We will do everything we can to keep the airline going' (stock image)

'Over the years, significant profits have never been taken out of the Virgin Group, instead they have been reinvested in building businesses that create value and opportunities,' he explained.

'The challenge right now is that there is no money coming in and lots going out.'

He added: 'Today, the cash we have in the Virgin Group and my personal wealth is being invested across many companies around the world to protect as many jobs as possible, with a big part of that going to Virgin Atlantic.'

Richard Branson's open letter to Virgin employees in full 

To all the Virgin family,

For 50 years I have been humbled by the incredible pride our people take in working for Virgin. It is the people across all our businesses, and the hundreds of thousands of people who have worked with us over the years, that make this company so special. They tell their families, their friends, and even complete strangers in the pub why Virgin is such a special business. Over the last month much has been said about me and our brand. I know how much you all care about your work, your companies, and most of all each other, so I thought it was important for you all to know the actual facts. 

Over the five decades I have been in business, this is the most challenging time we have ever faced. It is hard to find the words to convey what a devastating impact this pandemic continues to have on so many communities, businesses and people around the world. From a business perspective, the damage to many is unprecedented and the length of the disruption remains worryingly unknown.

Together with our Virgin company teams, I am working day and night to look after our people and protect as many jobs as possible. We are operating in many of the hardest hit sectors, including aviation, leisure, hotels and cruises, and we have more than 70,000 people in 35 countries working in Virgin companies. We're doing all we can to keep those businesses afloat and I am so thankful to all of you who have continued to work so hard in these difficult times. We have already committed a quarter of a billion dollars to help our businesses and protect jobs, and will continue to invest all we can.

I've seen lots of comments about my net worth – but that is calculated on the value of Virgin businesses around the world before this crisis, not sitting as cash in a bank account ready to withdraw. Over the years significant profits have never been taken out of the Virgin Group, instead they have been reinvested in building businesses that create value and opportunities. The challenge right now is that there is no money coming in and lots going out.

My passion has always been creating businesses that improve people's lives and over the years we have created hundreds of thousands of jobs. Today, the cash we have in the Virgin Group and my personal wealth is being invested across many companies around the world to protect as many jobs as possible, with a big part of that going to Virgin Atlantic. 

Much has been said about Virgin Atlantic employees taking a wage reduction for eight weeks, spread across six and a half months. This was a virtually unanimous decision made by Virgin Atlantic employees and their unions who collectively chose to do this to save as many jobs as possible – it was not forced upon them by management. I am so proud of the Virgin Atlantic teams who continue to deliver critical medical cargo flights to the UK, and the many Virgin Atlantic people who are currently volunteering with the NHS. Their spirit is so heart-warming and inspiring, and I couldn't be prouder of our amazing people (it deserves saying twice!) I am also deeply moved by the thousands of messages of support from our incredible people at Virgin Atlantic and around the Virgin family. They mean so much to me – thank you all. 

Together with the team at Virgin Atlantic, we will do everything we can to keep the airline going – but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for. This would be in the form of a commercial loan – it wouldn't be free money and the airline would pay it back (as easyJet will do for the £600m loan the government recently gave them). The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it. Without it there won't be any competition left and hundreds of thousands more jobs will be lost, along with critical connectivity and huge economic value. Virgin Atlantic started with one plane 36 years ago. Over those years it has created real competition for British Airways, which must remain fierce for the benefit of our wonderful customers and the public at large. 

The same is true in Australia, where the brilliant Virgin Australia team is fighting to survive and need support to get through this catastrophic global crisis. We are hopeful that Virgin Australia can emerge stronger than ever, as a more sustainable, financially viable airline. If Virgin Australia disappears, Qantas would effectively have a monopoly of the Australian skies. We all know what that would lead to. 

At this time of crisis, we also have thousands of brave frontline employees working for Virgin Care as part of the NHS under extremely challenging circumstances. First and foremost, I want to thank you all for your dedication and resilience. It is humbling to see all the incredible work you are doing providing much needed NHS services, in particular those of you who are helping and giving dignity to people with severe COVID-19 cases. We have invested more than £75m to date into the NHS and have never made a profit. If Virgin Care ever does make a profit, we have committed to reinvest 100 per cent of that back into the NHS.

Much has been written about Virgin Care's dispute with a commission over a contract a number of years ago. Some will say it was unwise for Virgin Care to do this, but the most important thing is that Virgin Care was never intending to profit from it and 100 per cent of the money awarded went straight back into the NHS.

Virgin Money Giving, our non-profit fundraising platform, has also received criticism for the fees they took when processing a donation to charity. Virgin Money Giving never makes a profit and never will. Virgin Money Giving was founded in 2009 when Virgin Money began sponsoring the London Marathon. At the time, one player dominated the online fundraising industry. In a sector where the entire purpose is to make the most of the money raised for good causes, it operated with a for-profit business model. Virgin Money wanted to disrupt this market by providing a not-for-profit alternative that challenged the status quo. Virgin Money Giving was able to offer the same service with just a two per cent fee (to cover overhead costs, which Virgin Money are now generously stepping in to cover completely for all charities). Virgin Money Giving has supported more than 1.3 million fundraisers, raising over £800 million for good causes – all without making any profit whatsoever. Tens of millions more have gone directly to good causes due to people donating through Virgin Money Giving rather than for-profit platforms. 

There have been comments about my home. Joan and I did not leave Britain for tax reasons but for our love of the beautiful British Virgin Islands and in particular Necker Island, which I bought when I was 29 years old, as an uninhabited island on the edges of the BVI. Over time, we built our family home here. The rest of the island is run as a business, which employs 175 people. As with other Virgin assets, our team will raise as much money against the island as possible to save as many jobs as possible around the Group.

I have been honoured to work with all of you over the last five decades building companies and creating competition and choice for consumers across a whole range of industries. Our companies have created hundreds of thousands of jobs and paid hundreds of millions in tax around the world (and will continue to do so). Our companies based in the UK pay tax in the UK, and so forth.

As you know, creating positive social and environmental impact has always been at the heart of this brand. Starting some 50 years ago with Student Magazine, the non-profits Student Advisory Centre, Mates Condoms and so many other wonderful initiatives that the Virgin family have created over the years. The majority of my time is now spent on philanthropic efforts with Virgin Unite, our non-profit foundation that so many of you have helped to build over the past 15 years. I cover all of its overheads, ensuring 100 per cent of all donations received go directly to where it is needed most, from health to human rights to tackling the climate crisis. In addition, 100 per cent of all the money I make from speaking engagements, plus further donations made from Virgin Group, goes directly to Virgin Unite. This amounts to many millions per year, and I will continue to raise and donate as much as possible for charity in the years to come. 

In the midst of this crisis, our Virgin companies are continuing to do what we do best: support each other, support our communities, and tackle tough problems through hard work and innovation. For instance, the Virgin Orbit team and partners have designed and developed new mass producible ventilators, while Virgin Galactic and partners have designed and developed oxygen hoods, and Virgin Unite has donated millions to support community health workers on the ground in Africa. 

Another huge thank you to all of the other key workers across the Group who are working on the frontline to help serve our communities and support their teams – you are all heroes. As always I am incredibly proud of the spirit, the innovation and the dedication of all of you in our Virgin family around the world, including those I haven't already mentioned. To the people at Virgin Active, Virgin Balloon Flights, Virgin Bet, Virgin Books, Virgin Casino, Virgin Connect, Virgin Experience Days, Virgin Fest, Virgin Games, Virgin Holidays, Virgin Hotels, Virgin Hyperloop, Virgin Incentives, Virgin Limited Edition, Virgin Management, Virgin Media, Virgin Megastores, Virgin Mobile, Virgin Pulse, Virgin Pure, Envision Virgin Racing, Virgin Radio, Virgin Records, Virgin Red, Virgin Sport, Virgin StartUp, Virgin Trains USA, Virgin Voyages and Virgin Wines - thank you.

It really breaks my heart to see the impact this pandemic is having across people's lives and businesses around the world. When this crisis passes, as it eventually will, the world will be very different to the one we are used to. I know we will come out stronger and kinder to each other as a result. Thanks so much once again to all of you, you continue to inspire me every day.

Sending you and your family much love in these difficult times.

Richard

Virgin Australia is expected to collapse into voluntary administration tonight after crisis talks failed to save the embattled airline - leaving 16,000 employees in limbo

  • Virgin's board is expected to put the airline into voluntary administration 
  • The airline would not confirm or deny if the decision had been made on Monday 
  • Virgin staff members publicly beg for help to save their airline
  • Airline is majority owned by China, Singapore and Abu Dhabi 
  • 16,000 jobs at risk however the airline could continue trading in administration 
  • Administration means private equity or government could take ownership stake
  • Union urges Federal Government to work with any administrators to save jobs 
  • Ratings agencies downgrade Virgin Australia making it harder to borrow money

By Alison Bevege And Wires For Daily Mail Australia

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 on Monday night after a crisis meeting that afternoon.

As the meeting unfolded, 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.

'Virgin is my home away from home,' said another Virgin employee, Tony Smith, as his voice choked up with emotion.

'They are my brother, my sister, my mum and dads, my grandfather.'

The Transport Workers Union released a statement on Monday urging the Federal Government to work with administrators and to save jobs by taking an ownership stake in the business.

'This is a terrifying moment for thousands of Virgin workers,' said TWU National Secretary Michael Kaine.

'There is still time for the Federal Government to work on an investment plan to get through this period of crisis and taxpayers will get a double benefit. The Government will retain a competitive aviation market and they will get a return on their equity stake.'  

Virgin Australia employee Tony Smith (centre) speaks to reporters at Melbourne Airport on Monday as the company battles to stay afloat

Virgin Australia employee Tony Smith (centre) speaks to reporters at Melbourne Airport on Monday as the company battles to stay afloat

The union warned the Government would face a potential entitlements and redundancy bill of $800 million if it allowed Virgin to collapse. 

With air travel down over 95 per cent because of the coronavirus lockdown the airline has been seeking government assistance to help its financial situation. 

Virgin employs about 10,000 people directly and supports another 6000 jobs indirectly.

Voluntary administration does not mean that these jobs are lost as the company may continue to trade in administration, or be sold to a new owner.

Virgin Australia has reportedly been put into administration however the airline would not confirm or deny the report on Monday evening

Virgin Australia has reportedly been put into administration however the airline would not confirm or deny the report on Monday evening

Virgin had been in bail-out talks with the NSW and Queensland governments and had reportedly asked for a $1.4 billion loan from the Federal Government.

Queensland offered $200 million, which reportedly fell short of the airline's requests.

Virgin Australia was not able to confirm or deny whether a decision had been made when asked by Daily Mail Australia on Monday evening if it would be placed into administration. 

Who owns Virgin Australia?

Abu Dhabi government - 21% 

Singapore government - 20%  

Nanshan Capital (China) - 20% 

HNA (China) - 20%

 Richard Branson - 10.4%

 Australian shareholders: 8.6%

Source: Virgin Australia annual report via Reuters reporter Byron Kaye 

'No, we haven't made an announcement on administration,' a spokesperson said. 

However it has been widely reported the airline will be placed in the hands of administrators on Monday night, with an announcement expected on Tuesday. 

Citing unnamed sources, the Sydney Morning Herald reported the cash-strapped carrier had been unable to weather the coronavirus crisis due to its debt load and administration was 'imminent.'  

Voluntary administration does not mean the company ceases trading or that employees immediately lose their jobs.

When an insolvent company goes into voluntary administration, it is placed in the hands of an independent administrator who determines the best path forward for both the business owners and its creditors. 

It can be broken up or kept intact and sold. 

If it went into administration, the Federal Government could buy an ownership stake for the bailout money, or it could guarantee a buyout by another entity such as a superannuation fund

If the airline were to be liquidated - broken up and the assets sold - it would leave just one airline, Qantas, to dominate Australian skies, which may mean rising fares, reduced competition and diminished services to regional areas.

The Morrison Government has so far refused to bail out the airline.

Virgin is part owned by Singapore Airlines and Etihad which in turn are owned by the governments of Singapore and Abu Dhabi.

Along with China, the three countries make up the majority owners of Virgin according to the company's most recent annual report.

It is understood the Federal Government's preferred option is for the company to go into administration to clear the way for the company's rescue.

'The first point of call, for the company, must be its existing shareholders,' Federal Treasurer Josh Frydenberg said on Monday.

'They have some very big shareholders with deep pockets'

'Namely China-related companies as well as Etihad and Singapore Airlines.'

Virgin Australia has reportedly been put into voluntary administration. It is believed the most likely administrators are likely to be Deloitte

Virgin Australia has reportedly been put into voluntary administration. It is believed the most likely administrators are likely to be Deloitte

Singapore Airlines has had to reorganise its own finances to to survive the international air travel crisis, with no help expected to come from Singapore Prime Minister Lee Hsien Loong.  

Billionaire founder Richard Branson who retains a 10 percent stake has not offered to bail out the airline.

It is unlikely the Federal Government would allow China to increase its ownership of the airline to a controlling stake.

Private equity firms are said to have been circling, and the government could require an ownership stake in return for bailout money. 

If an administrator is appointed this week, it is likely to be Deloitte, ABC News reported. 

The company remains in a trading suspension on the Australian Securities Exchange. 

Virgin halted 90 per cent of its flights and stood down 80 per cent of its workforce on March 25, maintaining just 17 destinations to transport essential services, critical freight and logistics.

Virgin Australia Holdings annual losses

2009: $160million

201: $67.8million

2013: $98.1million

2014: $353.8million

2015: $93.8million 

2016: $224.7million

2017: $185.8million

2018: $653.3million

2019: $315.4million

Source: Virgin Australia Holdings annual reports showing the statutory net loss after tax for the full year 

The carrier, co-founded two decades ago by British billionaire Sir Richard Branson, was in danger of having debt levels six times higher than earnings by the end of June.

'We revised the outlook to negative based on our expectation that restrictions on inbound tourism from Chinese nationals will cut Virgin Australia's earnings for fiscal 2020,' Credit ratings agency Standard & Poor said in a briefing note earlier this month. 

But a Virgin Australia spokeswoman said just three weeks ago the airline 'strongly rejected' suggestions its future was at risk, citing the listed company's $1billion cash balance and the retention of the B+ S&P credit rating.

'Our S&P ratings remain the same and there is no impact on our borrowing strategy or existing facilities,' she said.

'S&P's updated outlook for the business reflects their view that the industry will continue to experience challenging conditions over the next six months due to the coronavirus.

'Virgin Australia maintains a strong cash position in excess of $1billion and our recent financial results last week showed an increase in revenue and passenger numbers.

'Any speculation about the future of the business is untrue and misleading.'

A Sydney investment banker, who declined to be named, told Daily Mail Australia the unpopularity of Virgin Australia's corporate bonds was a real worry in light of S&P's outlook downgrade - and said there was a 'danger' it would collapse.  

'Their bonds are really underperforming and there is a bit of concern that they will not have enough free cash to service their debt payment,' she said. 

Since that statement ratings agencies Moody's and Fitch have both downgraded the company's credit rating. 

Ratings agency Moody's said on Monday that creditors would be likely to suffer an economic loss relative to the value of the debt obligation, no matter what the outcome of the current situation. 

Moodies said Virgin had minimal cash available under its credit facilities.  

Fitch downgraded Virgin Australia on Friday saying it was increasingly uncertain that the airline would be able to borrow any more money. 

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2020-04-20 14:27:04Z
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