The COVID-19 pandemic and deteriorating economic outlook have impacted the passenger airline industry in many countries, but this toxic mixture along with a whiff of nationalistic rhetoric has racked up the pressure on Virgin Australia Airlines. So-much-so that the country could see its first institutional bond default for almost 20 years.
Last week the country's second-largest carrier reduced domestic capacity by 90%, suspended its Tigerair Australia domestic services effective immediately and stood down 8,000 of the company’s 10,000 strong workforce.
“There has never been a travel environment in Australia as restricted as the one we see today and the extraordinary steps we’ve taken have been in...
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