Virgin Is Trying To Raise $350 Million In New Equity

Getty/ Paul Kane

Virgin Australia has gone into a trading halt, with the airline reportedly looking to raise $350 million in new equity at 38 cents per share.

Virgin’s major shareholders are Singapore Airlines, Air New Zealand, Etihad Airways and Virgin Group.

They are understood to be behind the deal, and according to the Australian Financial Review, Etihad, Air New Zealand and Singapore Airlines will be offered seats on the board.

Virgin chief executive John Borghetti said the capital raising would allow the airline to bring its debt to more reasonable levels, in line with global peers.

There’s more here.

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