Originally Posted by
Telfer86
Going into administration is folding ; it is an admission that a business is insolvent
Very few businesses in Australia emerge from administration & continue trading < 5 % & likely closer to 1 or 2 %
How is it positive to be placed into administration ? , where you almost never emerge from
Why are you confident that this business which has lost $ 2B over the last 6 or 7 years will survive
Maybe you know something that not many other people seem to know ?
Anyone know what happened to the $1B in cash that wishful thinking employees seemed so keen to tell everyone about six weeks ago sort of
"we will be right because we have that in cash in the bank" , did they ever actually have it
Goodluck to the Virgin employees I hope you get your entitlements
Normally I’d agree that VA is the kiss of death for a company. Especially one that relies on being paid so far ahead of actually providing the product or service. Customers won’t touch you with a ten foot pole once they hear those words uttered. But if you were going to pick a time in the last century for an airline to go into voluntary administration, this is it.
Virgin’s bookings after this announcement tomorrow will be the same as they were yesterday. Yes those bookings are zero but it’s an unheard of scenario and one which will help rather than hinder. Imagine if this had happened 6 months ago when airlines were operating normally. There would be less reason for hope than now.