Virgin Group on Brink of Collapse
CBJ — The owner of passenger airline companies Virgin Atlantic and Virgin Australia will require government assistance in order to survive.
Billionaire Sir Richard Branson, who founded both companies, says support is necessary from the UK and Australia in the wake of uncertainty due to the grounding of the network of planes due to the COVID-19 pandemic.
Branson has put $250 million of his personal fortune into the Virgin Group of Companies in response to the pandemic. He is also willing to put up his Necker Island estate in the Caribbean as collateral as a means to raise money through government loans and save as many jobs as possible.
Worldwide travel bans have brought international aviation almost to a standstill. Many airlines have placed workers on unpaid leave while others have stated they may be out of business permanently.