Virgin Australia:
A Textbook Restructuring? — June 2025

Virgin Australia was one of the first airlines to succumb to the effects of the COVID-19 pandemic. Already weakened by years of losses, an intense domestic price war in 2019, and unfortunately-timed corporate activity (buying out the minority shareholder in its FFP), Australia’s second airline ran out of cash in April 2020 and voluntarily submitted to administration.

Five years later, with two years of healthy profits under its belt, it has just had its listing on the Australian Stock Exchange restored through the sale of 30% of its equity (236m existing and one new share at A$2.90 apiece) giving the company a market capitalisation of A$2.3bn.