A look at the week
By Jordan Chong
Some four months after entering voluntary administration with debts of A$6.8 billion (US$5 million), Virgin Australia (VA) has moved a step closer to securing its financial future after creditors approved Bain Capital's proposed takeover.
While the survival of Australia's second largest airline group is good news, spare a thought for the 3,000 staff at VA and its now-axed LCC Tigerair Australia. They will lose their jobs when the company emerges under new ownership.
There are plenty of challenges ahead for VA as it, and its peers worldwide, navigate a myriad of border closures and depressed demand from the coronavirus pandemic.
An example of the difficulties faced by airlines was the financial results from Thailand LCC Nok Air, which this week reported a hefty loss for the six months to June 30, 2020. Australia's Regional Express also reported it had fallen into the red in 2019-2020. Read More »