Virgin Australia: Shares frozen over financial restructuring

Virgin Australia: Shares frozen over financial restructuring

• Virgin Australia (VAH) has requested a trading halt today to assess its financial position and restructure some heavy debt
• The company’s request for a $1.4 billion government bail-out has so far been met with silence
• Fears are mounting that the COVID-19 crisis could cause irreversible damage to the company
• However, Virgin posted a $315M loss over the 2019 financial year, with shares declining steadily for half a decade before then
• As such, the company seems to have been in trouble before the pandemic struck
• Shares last traded for 8.6 cents and expected to reopen for trade in two days time