Original article by Michael Smith, James Thomson
The Australian Financial Review – Page: 1 & 10 : 16-Jun-16

Virgin Australia Holdings will seek to reduce costs by $A300m a year via a restructuring program, which will include phasing out some smaller planes and job cuts at management level. Virgin will also raise $A852m from shareholders via a rights issue at $A0.21 per share, compared with the stock’s closing price of $A0.26 on 15 June 2016. China-based HNA Group recently invested $A159m in Virgin, which aims to commence flights to China and Hong Kong.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, HNA GROUP, SINGAPORE AIRLINES LIMITED, VIRGIN GROUP LIMITED, NANSHAN GROUP, ETIHAD AIRWAYS, TRANSPORT WORKERS’ UNION, AIR NEW ZEALAND LIMITED – ASX AIZ, CITIGROUP PTY LTD