Virgin Australia has entered voluntary administration - making it Australia's first big corporate casualty of the coronavirus pandemic, said a report.

 

The company collapsed under the weight of enormous debts following the coronavirus travel shutdown, said a report in BBC.

 

It was already struggling with a long-term A$5 billionn ($3.17 billion) debt., it said.

 

The airline is now seeking new buyers and investors, after failing to get a loan from Australia's government.

 

Meanwhile, Sir Richard Branson - whose Virgin group is a part-owner of Virgin Australia - has pledged his luxury island resort in the Caribbean as collateral to help get a UK government bailout of Virgin Atlantic.

 

The billionaire said in an open letter to staff he was not asking for a handout, but a commercial loan, believed to be £500 million ($622.8 million).

 

Both airlines have been hit hard by the global coronavirus lockdown, and Sir Richard has appealed to governments in both countries for help.