Hope for frequent flyers as Velocity saved from scrapheap
Virgin Australia has formally entered voluntary administration, telling the Australian Stock Exchange this morning it has appointed Deloitte to restructure the debt-laden carrier.
The statement revealed the company's owned the popular Velocity Frequent Flyer program but it was a separate company and had not entered administration.
"Virgin Australia will continue to operate its scheduled international and domestic flights which are helping to transport essential workers, maintain important freight corridors and return Australians home," the statement says.
Chief executive Paul Scurrah and the current Virgin management team will support Deloitte administrators Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes recapitalise the business and "help ensure it emerges in a stronger financial position on the other side of the COVID-19 crisis".
Originally published as Hope for frequent flyers as Velocity saved from scrapheap