Company News

Virgin Australia expects to lose domestic market share to Qantas under revival plan -CEO

SYDNEY, Sept 2 (Reuters) - Virgin Australia Holdings Ltd expects it will lose domestic market share to rival Qantas Airways Ltd under its new business plan as it exits unprofitable routes, Virgin’s chief executive said on Wednesday.

“I do expect we will lose market share because there are routes that weren’t making any money,” Virgin Australia CEO Paul Scurrah said at the CAPA Australia Pacific Aviation Summit.

Virgin entered voluntary administration in April owing A$7 billion to creditors, who are due to vote on a proposed purchase by U.S. private equity group Bain Capital on Friday. (Reporting by Jamie Freed; Editing by Tom Hogue)