Virgin Airlines

Covid-19: Sir Richard Branson offers Caribbean island to secure Virgin bailout

The billionaire Virgin Group boss said in an open letter to staff he was not asking for a handout, but a commercial loan, believed to be £500m ($NZ1bn).

The airline's survival was in doubt, and his Necker Island home in the Caribbean could be mortgaged, he said.

It comes as Virgin Group's airline in Australia faces administration.

Both airlines have been hit hard by the global coronavirus lockdown, and Sir Richard has appealed to governments in both countries for help.