Press conference with Michael McCormack, Deputy Prime Minister and Treasurer Josh Frydenberg on the collapse of Virgin Australia.
Frydenberg ruled out a rescue package from the Federal Government.
“The Government was not going to bail out five large foreign shareholders with deep pockets who, together, own 90 per cent of this airline,” he said.
Australia’s troubled second airline, which saw its cash flow collapse because of tough coronavirus travel restrictions, is saddled with around $5b debt.
Read more here: https://www.abc.net.au/news/2020-04-21/virgin-australia-goes-into-voluntary-administration-coronavirus/12167814
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