Virgin Australia (2020)

Virgin Australia's April 2020 bankruptcy made it the largest Australian corporate collapse by revenue, owing $6.8 billion to creditors. The airline had spent a decade trying to challenge Qantas's domestic dominance, backed by Virgin Group, Etihad, Singapore Airlines, and Chinese partners. The strategy required perpetual losses that foreign shareholders eventually refused to cover. When COVID halted aviation, Virgin Australia's shareholders declined to inject more capital. Bain Capital bought the airline in September 2020, immediately cutting 3,000 jobs and repositioning as a simpler carrier. Virgin Australia demonstrated that challenging an entrenched duopolist requires infinite capital.