Sydney Airport Deserted as Virgin Australia Teeters on Brink of Collapse - Breaking News

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Monday, April 20, 2020

Sydney Airport Deserted as Virgin Australia Teeters on Brink of Collapse

Sydney Airport was deserted amid COVID-19 travel lockdowns, which drove Virgin Australia — one of only two major airlines based in the country — into voluntary administration on April 20. Footage taken on April 19 shows a deserted domestic terminal after airlines grounded flights and laid off staff to save costs amid strict global travel restrictions, implemented to prevent the spread of COVID-19. In March, Virgin Australia cut 90 per cent of its services and stood down 80 per cent of its workforce. The airline’s inability to secure financial assistance from a third party, including the Australian government, triggered the move into voluntary administration on Tuesday, with Deloitte stepping in to “re-structure and re-finance the business and bring it out of administration as soon as possible,” a statement read. Credit rating agency Fitch Ratings said in an analysis of the current business, “without additional funding over the next few months, there is a high chance the airline will not survive the impact of the COVID-19 shutdown." Credit: @paulvelich via Storyful

from National | Daily Telegraph https://ift.tt/2wTY06W

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