@Eric & @Carol Fri 12.45pm
May I suggest that you check out Qantas. Yes, no U. Publicly listed on the Aus share market. Has advised the stock exchange it has cash and bank line of credit to see it through. Is not begging for government handouts. (I am a long-term shareholder.) Has yet to ask shareholders for money. I guess not the sort of financial item likely to make The Times or WSJ. Makes some highly paid executives appear as if they are only interested in their take home monies and not the future of the airlines, they purport to manage/own. However, I doubt any politician in this country would ever allow the flying kangaroo to go down.
As far as Virgin Australia is concerned, had too much debt. I for one do not want taxpayer’s monies being invested into the current Virgin structure. Unlikely to get a return. Deloitte’s is the administrator and reports that it has seriously interested parties. Will be good if they can pull it off.
In the past I have seen comments on this forum that Australian airfares are expensive. Perhaps the answer is now obvious. I consider myself lucky that I can afford them.
Qantas shut down operations early on. Qantas and Virgin continue to fly limited routes, in coordination with state and federal government. The government financial support they receive is to ensure things such as social distancing seating, freight, postal, movement of essential personnel, return of recalcitrant citizens etc and make up any operation loss.
Eric and Carol, I am not trying to belittle you but rather alert you and others as to what is happening here. Airlines can be run correctly and not beg governments for money every 10years or so.
I enjoy your posts but need to make a technical correction. In Aus individuals go into bankruptcy, businesses into liquidation. The administration process usually results in the administrator trying to find a buyer for the business. Order of priorities for payments in this country is staff are paid all their entitlements first. Then taxes, followed by other creditors, then shareholders. Not likely to be any left in this case. The shareholders can claim tax losses in their own countries. Hence Branson can a tax loss claim on his own island. See why he wants a government bailout?
A general comment. So far in Australia 76 deaths and decreasing report of new cases. 18 today. Virus is being supressed and hopefully eradicated. Maybe I am too optimistic.
Stay home, stay safe and stay healthy.