In Australia, the government rejected Virgin Australia’s initial plea for a $1.4 billion ($884 million) loan. Several other proposals for state aid met the same response, according to Chief Executive Officer Paul Scurrah, until a final request for just A$200 million was rebuffed Monday.
Hence, Richard Branson has offered to put his private island up as collateral in order to save his Virgin Atlantic airline from collapse.
In an open letter to Virgin Group staff dated Monday, Branson pledged to use his private Necker Island to save the airline struggling under coronavirus travel restrictions.
“As with other Virgin assets, our team will raise as much money against the island as possible to save as many jobs as possible around the Group,” Branson said.
Branson’s Virgin Australia airline announced on Tuesday that it was set to enter voluntary administration.
Find out more: https://www.businessinsider.my/richard-branson-offers-up-private-island-to-save-virgin-airlines-2020-4?r=US&IR=T