Virgin's year of living dangerously

The culminating year of Virgin Australia’s restructuring was always going to be expensive but capacity attacks, bookings disasters and weak external demand all hit home for John Borghetti.

It’s not a particularly good look when a company that has just posted a $150 million pre-tax loss has to call on its major shareholders for liquidity. But in Virgin Australia’s case, it is arguable that there are some extenuating circumstances.

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