The second largest airline in Australia, Virgin, has gone into administration.
The move puts a question mark over some 15,000 jobs at the carrier.
Virgin Australia has been operating "a limited domestic schedule" and some international flights to get people home.
The airline is 10% owned by Richard Branson's Virgin Group.
Other owners include Etihad Airways (21%) and Singapore Airlines, China's Nanshan Group and HNA with approximately 20% each.
It entered the Australian aviation market for the first time back in 2000.
It services routes across Europe, the US, Canada, Asia, the Middle East and Africa.
— Virgin Australia (@VirginAustralia) April 20, 2020
In a statement to the Australian Securities Exchange, the airline said the move would "recapitalise the business and help ensure it emerges in a stronger financial position on the other side of the COVID-19 crisis".
Its board of directors has appointed Deloitte as voluntary administrators of the company.
One of those appointed, Vaughan Strawbridge, has said there were "no plans to make any redundancies".
The airline will also continue to operate its scheduled international and domestic flights.
However reports say a rescue package has been already ruled out by the Australian government.
In an open letter, Mr Branson said his group would work with administrators to bring about a "new beginning" for Virgin Australia.
He wrote: "I know how devastating the news today will be to you all.
"In most countries federal governments have stepped in, in this unprecedented crisis for aviation, to help their airlines.
"Sadly, that has not happened in Australia."
Dear @VirginAustralia team. I am so proud of you and everything we have achieved together. This is not the end of Virgin Australia, but I believe a new beginning. I promise that we will work day and night to turn this into reality https://t.co/GJH1zhEqEd pic.twitter.com/GelLiA6DKG
— Richard Branson (@richardbranson) April 20, 2020
He added: "This is not the end for Virgin Australia and its unique culture. Never one to give up, I want to assure all of you - and our competitor - that we are determined to see Virgin Australia back up and running soon.
"We will work with Virgin Australia’s administrators and management team, with investors and with government to make this happen and create a stronger business ready to provide even more value to customers, competition to the market, stimulus to the economy, and jobs for our wonderful people."
"This is not the end for Virgin Australia, but I believe a new beginning."
Main image: A Virgin Australia flight prepares for take off at Sydney Airport in 2009. Picture by: Steve Parsons/PA Archive/PA Images
Additional reporting: IRN