PPRuNe Forums - View Single Post - Virgin headed for another disaster, says REX chairman
Old 9th May 2020, 11:01
  #69 (permalink)  
MickG0105
 
Join Date: May 2016
Location: Sunshine Coast
Posts: 171
Originally Posted by Section28- BE View Post
For 'what', It is Not worth- it has been 'reported' (allegedly/apparently) -

1/ 'Said', "Note Holders"- not 'that' freekin Happy/Impressed, with NIL Inclusion on the 'Committee of Inspection'.....

2/ 'Apparently'- a veritable onslaught of 'New' (revised)- Confidentiality Agreements, being 'Sprayed' around at this time.............., go figure?????

Shall, keep it Blunt/Descriptive, for this...., per chance 'is' the model being flogged, the one Paul...........
Rgds all
S28- BE
On Point 1/, and rightly so. Unsecured bondholders are owed $2,000 million (roughly one third of total debts) and have zero representation on the Committee of Inspection; employees are owed $450 million and have 11 representatives on the CoI (roughly one third of the committee of 35).

Dot - unions raise no objection to the appointment of Strawbridge et al (Deloitte) as Administrator.

Dot - Strawbridge announces no plans for redundancies or changes to employment during administration.

Dot - Employee representatives (10 unions plus Virgin's Chief Legal and Risk Officer) make up one third of CoI

I'm sure there's some joining to be done there somewhere.

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