PPRuNe Forums - View Single Post - Private equity take-over for Virgin Australia?
Old 21st Apr 2020, 04:23
  #64 (permalink)  
lucille
 
Join Date: Jun 2001
Location: sierra village
Posts: 675
Received 115 Likes on 60 Posts
You're wrong. Not a single person I know wants to see the 10,000 staff out of work. Arguing against what was effectively going to be a $1.4 billion dollar gift to the foreign owners does not mean people want to see VA staff lose their jobs. The fact is you were hostages in negotiations with the government who in the end refused to pay the ransom money.

That $1.4 billion "loan" was going to quickly end up in Abu Dhabi, Singapore, Beijing and Necker Island and allow them to minimize their losses. Three months down the track, your jobs were still going to be toast. Covid19 merely speeded up what was going to be an inevitable outcome - there was never any coming back from that $5 billion debt.

The best outcome now is that with voluntary administration, the slate gets wiped clean and the madness and incompetence of previous years management gets expunged and a new operator takes over and most jobs are returned. Everyone's fingers are crossed for this outcome. Meanwhile there is government assistance available for the short term, not great but better than nothing.

Importantly the government needs to step up be helpful and remove all their bureaucratic red tape and unnecessary costs to the new operator for the first few years of VA2
lucille is offline