News: VAH Virgin Australia Says Entered Voluntary Administration

April 21 (Reuters) - Virgin Australia Holdings Ltd (VAH) :

• ASX ALERT-VIRGIN AUSTRALIA ENTERS VOLUNTARY ADMINISTRATION-VAH.AX
• ENTERED VOLUNTARY ADMINISTRATION TO RECAPITALISE BUSINESS
• APPOINTED VAUGHAN STRAWBRIDGE, JOHN GREIG, SAL ALGERI AND RICHARD HUGHES OF DELOITTE AS VOLUNTARY ADMINISTRATORS
• ENTERED VOLUNTARY ADMINISTRATION TO RECAPITALISE BUSINESS AND HELP ENSURE IT EMERGES IN A STRONGER FINANCIAL POSITION
• DECISION COMES AS GROUP HAS CONTINUED TO SEEK FINANCIAL ASSISTANCE FROM NUMBER OF PARTIES, INCLUDING STATE & FEDERAL GOVTS
• WILL CONTINUE TO OPERATE SCHEDULED INTERNATIONAL AND DOMESTIC FLIGHTS
• ADMINISTRATORS WILL BE SUPPORTED BY GROUP'S CURRENT MANAGEMENT TEAM, LED BY CEO PAUL SCURRAH
• COMMENCED PROCESS OF SEEKING INTEREST FROM PARTIES FOR PARTICIPATION IN RECAPITALISATION OF BUSINES
• ADMINISTRATOR'S INTENTION IS TO RESTRUCTURE & RE- FINANCE BUSINESS, BRING IT OUT OF ADMINISTRATION AS SOON AS POSSIBLE
• VELOCITY FREQUENT FLYER, WHILE OWNED BY GROUP, IS A SEPARATE COMPANY AND IS NOT IN ADMINISTRATION
• AUSTRALIA NEEDS A SECOND AIRLINE AND CO DETERMINED TO KEEP FLYING

Source text https://reut.rs/3bu10pG

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