Good evening,

Virgin Australia has been grounded.

After almost a week not trading on the ASX, the embattled airline's board met this evening and was expected to formally sign off on the inevitable - voluntary administration.

A pandemic that has stopped international travel, a federal government unwilling to provide a $1.4 billion bailout package and a $5.3 billion pile of debt have proved an insurmountable combination for chief executive Paul Scurrah and his team.

But whoever is charged with finding a buyer for the airline already knows a good place to start. Street Talk can tonight reveal which private equity firm has been kicking Virgin's tyres on and off for almost a decade . The US-based outfit owns four low-cost airlines and has hinted that it could use the coronavirus-induced downturn to grow its portfolio.

Elsewhere, it's banking bigwigs galore at new principal investments firm Serendipity Capital, which will be pitching itself to potential investors in coming days.

Finally, we take a look at what financing options are on the table for nickel miner and processor Panoramic Resources.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors