Virgin Australia boss Paul Scurrah updated staff on the situation on Thursday afternoon and it is understood be made it clear it really was crunch time.
Revenue has dropped to almost zero, leaks of its approach to Canberra has caused a run on refunds and frequent-flyer points, its big shareholders don't have the capital to reinvest and it needs its lenders to take a haircut on their loans! Oh, and Virgin is also giving some consideration to moving its head office to Melbourne.
The big professional services firms have been given an early look at a specialist Australian IT services consultancy firm, which is on the block via boutique TMET advisory firm Newport Capital.
