Virgin Australia will shore up its balance sheet with a new share issue to investors, and will also make significant fleet cuts as part of a wider cost-reduction effort. The carrier expects to raise A$852 million ($630 million) from the share offer, which could lead to changes in the holdings of its major investors. Virgin also intends to find A$300 million in annual savings within three years by cutting costs and increasing efficiency in various areas, although some of this will be offset ...

Subscribe to Access this Entire Article

"Virgin Australia aims for cash injection, fleet cuts" is part of ATW Plus, our online premium membership. Subscribing will provide you access to exclusive news, carefully researched airline financial, fleet and traffic data, plus the option to receive our popular, award-winning print magazine. To learn more, click here. If viewing via ATW Mobile, please login and click "Read web article" to view fully. Questions?

Already registered? here.