DreamTeamDownloads1, FTP Help, Movies, Bollywood, Applications, etc. & Mature Sex Forum, Rapidshare, Filefactory, Freakshare, Rapidgator, Turbobit, & More MULTI Filehosts - Virgin Airlines GOES INTO ADMINISTRATION >All Flights Cancelled

Richard Branson Offered to Part with Necker Island in Return for £500m Airline Bailout

The Virgin boss has rebutted claims he wants 'free money' saying the arrangement would take the form of a 'commercial loan'

Daily Mirror UK, 20 APR 2020

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Sir Richard Branson had offered to put Caribbean retreat Necker Island up as collateral in return for a taxpayer-backed bailout of his airline group.

The billionaire issued an impassioned plea for governments to save his business empire after admitting he has no “cash in the bank”.

In a wide-ranging letter, the Virgin Group founder hit back at criticism for suing the NHS and claims he moved overseas for tax purposes.

Sir Richard’s airlines have been hit particularly hard by the coronavirus pandemic and are asking for state aid.

The billionaire insisted that money from British taxpayers – understood to be roughly £500m – to save Virgin Atlantic would come in the form of a “commercial loan” and “would not be free money”....

UPDATE:
Virgin Australia Goes into Voluntary Administration Putting 16,000 Jobs at Risk

British businessman Sir Richard Branson - whose Virgin Group owns 25 per cent of Virgin Australia - has promised "this is not the end" for the airline which has cancelled almost all flights during the pandemic

Daily Mirror UK, 21 APR 2020

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Virgin Australia has gone into voluntary administration after the country's Government again ruled out saving the airline, putting 16,000 jobs at risk.

Having been forced to cancel almost all its flights during the coronavirus outbreak, the airline suspended trading in its shares on the Australian stock exchange last week.

Virgin Australia is 25% owned by Richard Branson's Virgin Group, with other investors including Etihad, HNA of China and Singapore Airlines also having stakes.

Australia's Federal Government reportedly rejected Virgin’s repeated requests for an emergency bailout package, with the airline already struggling with £2.5billion of debt.

"Virgin Australia has entered voluntary administration to recapitalise the business and help ensure it emerges in a stronger financial position on the other side of the Covid-19 crisis," the airline said in a statement to the Australian Stock Exchange.

The move follows a board meeting of the firm's international shareholders who voted against providing more financial support.

The airline had asked the Australian government for £710 million but the request was denied.

Virgin Australia's board has appointed Deloitte as voluntary administrators.

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Sir Richard Branson's Virgin Group owns 25 percent of Virgin Australia (Image: Virgin / BEEM)

The airline, which services domestic as well as short-haul international destinations, was founded in 2000 by Branson and is one of Australia's main aviation providers.

Following the news, in a letter to employees posted on Twitter, Branson has promised he will work "day and night" to ensure the airline doesn't go under, while referring to the fact the government had not stepped in to help as in other countries.

"I am so proud of all of you and everything we have achieved together," he wrote.

"20 years ago, we wanted to bring much needed competition to Australia’s skies, to lower airfares, to give customers choice, to create thousands of jobs and to put a smile on people’s faces.

"Inspired by that vision, we created Virgin Blue, which grew into Virgin Australia.

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Travellers stand at a Virgin Australia Airlines counter at Kingsford Smith International Airport during the coronavirus outbreak

In the UK, Virgin Atlantic has sought a £500million bailout from the UK government.

Branson said the airline needs taxpayer support in the form of a commercial loan.

In an open letter to Virgin Group employees, Sir Richard had said: "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 £600 million 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."

Experts have said airlines globally could follow Virgin Australia into insolvency unless they get help.

"As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants," CAPA Centre for Aviation said in a statement last month.

"Cash reserves are running down quickly as fleets are grounded and what flights there are operate much less than half full.

"Forward bookings are far outweighed by cancellations and each time there is a new government recommendation it is to discourage flying.

"Demand is drying up in ways that are completely unprecedented. Normality is not yet on the horizon."