Borghetti’s bold boardroom trade-off

Today’s capital raising will strengthen Virgin's defence against Qantas. But extra power for airlines on the register may create diplomatic headaches as they vie for power in the Australian market.

It has been evident ever since Virgin Australia Holdings’ share register became dominated by three strategic players that they represented a source of contingent capital if John Borghetti needed it. Today he called in that capital.

From the moment that Borghetti became chief executive of Virgin and embarked on his radical re-making of the airline and its strategies to try to break Qantas’ dominance of the domestic market, it was obvious that he had two vulnerabilities.



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