Denied bailout, Virgin Australia a warning for other airlines

Virgin Atlantic Airways Ltd. is battling to convince a skeptical U.K. government to step in provide backing, with billionaire founder and 51% owner Richard Branson saying Monday that the carrier won’t survive without outside help.

SYDNEY: The collapse of Virgin Australia Holdings Ltd. after the briefest of fights indicates the world’s weakest airlines have little time to secure funds before they succumb to the coronavirus.

The debt-laden carrier became the outbreak’s biggest airline scalp when it handed control to administrators on Tuesday. A near-halt in passenger revenue overwhelmed the Brisbane-based company in less than two months.