Bloomberg Virgin Australia Holdings Ltd furloughed 80% of its 10,000-strong workforce and said it will only keep flying for essential services as restrictions due to the coronavirus eviscerate demand for travel. Shares rose. Domestic capacity will be cut by 90% as 125 aircraft are grounded, with flights retained only for essential services, critical freight and logistics, the airline said in …

Bloomberg Delta Air Lines Inc lost its coveted investment-grade status from one rater as S&P Global Ratings cut the company to junk. “The steep decline in airline bookings due to the coronavirus outbreak will sharply reduce Delta Air Lines Inc’s revenue and cash flow,” S&P said in a statement as it lowered the carrier two notches to BB, or two …

Bloomberg Britain has ruled out immediate direct aid to the aviation sector as the coronavirus outbreak wipes out all but a handful of UK flights. In a letter to airlines and airports seen by Bloomberg News, Chancellor of the Exchequer Rishi Sunak said that firms must first tap all commercial avenues to raise funds, and that any assistance the state …