Webjet boss John Guscic says a capital raising underway will ensure it survives the coronavirus shutdown,but the path to a full industry recovery remains the"great unknown".
Australian stocks were buoyed by hopes the US could broker a deal between oil producers,and analyst recommendations to buy over-sold stocks.
Travel booking group Webjet is yet to lock down a challenging $250 million capital raising it needs to survive the coronavirus crisis,which has obliterated global travel demand.
Webjet appears to be no closer to solving its financial problems after sounding out major investors on Thursday evening about a potential company-saving capital raising.
Fund managers have warned investors to brace for dividend cuts as the coronavirus pandemic forces companies to ditch profit forecasts.
The local bourse has notched its largest one-day decline since the GFC and now wallows at its lowest level since November 2016.
The local bourse has dived into bear market territory,after another volatile session wiped a further $64 billion in value from the benchmark index.
Travel groups Webjet and Helloworld say the growing impact of the coronavirus is making it impossible to offer any financial visibility their respective businesses.
Retail bank shares were sold off on Wednesday amid fears this week's rate cuts will lower the profits and dividend payouts of the major lenders.
The online flight booking business saw a jump in revenue,though the collapse of travel chain Thomas Cook left its mark.
A massive sell-off on the local bourse has wiped nearly $30 billion from the value of the benchmark index,as coronavirus fears continue to roil global markets.