The state-owned Queensland Investment Corporation (QIC) is set to make an official bid for a stake in Virgin Australia after the airline went into voluntary administration last month amid the coronavirus travel restrictions.
Key points:
- The State Government’s bid for Virgin could be a direct equity stake, a loan, a guarantee or other financial incentives
- Virgin called in administrators in late April after the Federal Government knocked back a plea for a $1.4 billion loan
- Treasurer Cameron Dick says administrators are looking to conclude the sale process by June 2020
Australia’s troubled second airline saw its cashflow collapse because of the tough coronavirus travel restrictions and being saddled with billions in debt.
Queensland Treasurer Cameron Dick released a statement confirming the move to save the airline and retain its headquarters in Brisbane.
Mr Dick said it could take the form of a direct equity stake, a loan, a guarantee or other financial incentives.
“We have been very clear — two sustainable, nati