Virgin CEO in Canberra bailout pitch

Original article by Robyn Ironside, Bridget Carter
The Australian – Page: 13 & 16 : 14-Apr-20

The federal government is believed to be considering additional financial support for the nation’s airlines, to ensure that passenger and freight services continue on essential domestic routes. Virgin Australia CEO Paul Scurrah has been lobbying government ministers and Labor frontbenchers to secure support for a proposed $1.4bn loan facility for the struggling carrier. Virgin could opt for a creditor’s scheme of arrangement if government support is not forthcoming; this could result in a debt-for-equity swap, which would have to be approved by shareholders and a court. Labor has backed calls for the government to provide more financial support for Virgin.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

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