Virgin Group may pay $35-70mn to keep Virgin Australia stake

Richard Branson's Virgin Group wants to invest between AUD50 to 100 million Australian dollars (USD35-70 million) in insolvent Virgin Australia Holdings in order to retain a minority stake alongside whoever wins the bidding for it when it emerges from administration, sources have told The Sydney Morning Herald.

Virgin Group owned 10% of the Australian company when the coronavirus pandemic grounded the Virgin Australia, Virgin Australia International, Virgin Australia Regional, and Tigerair Australia fleets. It entered voluntary administration on April 21, owing around AUD6.8 billion (USD4.6 billion) to creditors.Virgin Group has said it wants to play a role in the carrier's future but has declined to specify whether this would take the form of a shareholding or merely maintaining the Virgin brand and associated licensing fees, which have been worth around USD15 million a year.
https://www.ch-aviation.com/portal/n...ustralia-stake