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Why investors are lining up for a piece of the Virgin action

As many as five bidders are duking it out for ownership of long-suffering airline Virgin, despite its pre-coronavirus financial struggles.

The nation’s second-largest carrier was placed into administration in April following the introduction of travel restrictions designed to curb the spread of the coronavirus.

But Virgin Australia had been struggling long before the pandemic grounded planes, posting annual losses for the past seven years (including a $35 million loss in 2019).