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Virgin Australia enters voluntary administration

The airline had reported 7 consecutive annual losses before the coronavirus pandemic

Virgin Australi had reported annual losses for seven consecutive years before the pandemic.   © Reuters

SYDNEY (Reuters) --  Virgin Australia Holdings Ltd said on Tuesday it has entered voluntary administration to recapitalise the business and emerge in a stronger financial position after being battered by the coronavirus crisis and a high debt load.

Deloitte has been appointed as the administrator, Virgin said in a statement, after the airline was unable to secure a A$1.4 billion ($887.60 million) loan from the federal government.

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