BRIEF-Virgin Australia Says Entered Voluntary Administration

Virgin Australia Holdings Ltd: * ASX ALERT-VIRGIN AUSTRALIA ENTERS VOLUNTARY ADMINISTRATION-VAH.AX

* ENTERED VOLUNTARY ADMINISTRATION TO RECAPITALISE BUSINESS * APPOINTED VAUGHAN STRAWBRIDGE, JOHN GREIG, SAL ALGERI AND RICHARD HUGHES OF DELOITTE AS VOLUNTARY ADMINISTRATORS

* ENTERED VOLUNTARY ADMINISTRATION TO RECAPITALISE BUSINESS AND HELP ENSURE IT EMERGES IN A STRONGER FINANCIAL POSITION * DECISION COMES AS GROUP HAS CONTINUED TO SEEK FINANCIAL ASSISTANCE FROM NUMBER OF PARTIES, INCLUDING STATE & FEDERAL GOVTS

* WILL CONTINUE TO OPERATE SCHEDULED INTERNATIONAL AND DOMESTIC FLIGHTS * ADMINISTRATORS WILL BE SUPPORTED BY GROUP'S CURRENT MANAGEMENT TEAM, LED BY CEO PAUL SCURRAH

* COMMENCED PROCESS OF SEEKING INTEREST FROM PARTIES FOR PARTICIPATION IN RECAPITALISATION OF BUSINES * ADMINISTRATOR'S INTENTION IS TO RESTRUCTURE & RE- FINANCE BUSINESS, BRING IT OUT OF ADMINISTRATION AS SOON AS POSSIBLE

* VELOCITY FREQUENT FLYER, WHILE OWNED BY GROUP, IS A SEPARATE COMPANY AND IS NOT IN ADMINISTRATION * AUSTRALIA NEEDS A SECOND AIRLINE AND CO DETERMINED TO KEEP FLYING Source text https://reut.rs/3bu10pG Further company coverage: