Richard Branson is offering up his private island as collateral in order to save Virgin Atlantic from collapse

Gareth Cattermole/Getty

• British billionaire Richard Branson has offered to put his private island up as collateral in order to save his Virgin Atlantic airline from collapse. 
• In an open letter to Virgin Group staff dated Monday, Branson pledged to use his private Necker Island to save the airline struggling under coronavirus travel restrictions. 
• "As with other Virgin assets, our team will raise as much money against the island as possible to save as many jobs as possible around the Group," Branson said. 
• Branson's Virgin Australia airline announced on Tuesday that it was set to enter voluntary administration.
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British billionaire Richard Branson has offered to put his private island up as collateral in order to save his Virgin Atlantic airline from collapse. 

On Monday local time, multiple Australian media reports indicated that Virgin Australia, the Australian airline which Branson launched in 2000, was set to enter voluntary administration. Voluntary administration is similar to bankruptcy in the US. The airline formally announced that it had entered voluntary administration on Tuesday local time. 

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