Australia's number two airline, which went into voluntary administration in April owing $6.8 billion, released its relaunch plan on Wednesday morning. The moves were designed to make it a "stronger, more profitable and competitive" carrier, it said in a statement.
Virgin’s new owners said the plans would make it a “stronger, more profitable and competitive” carrier.Credit:
Virgin said it will strip its fleet of 132 aircraft back to just its Boeing 737s, of which it has 79, and offload its long-haul Boeing 777s and Airbus A330s, Tigerair Airbus A320 and ATR turboprops.
While long-haul international flying was an "important part" of the airline's future, such routes would remain suspended until global travel demand recovers from the COVID-19 pandemic, Virgin said.
Virgin's administrator Deloitte signed a deal to sell the airline to US private equity giant Bain in June, but key terms of the deal have been kept secret, including how large the business will be and how much will be paid to unsecured creditors.
More to come
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