PPRuNe Forums - View Single Post - AFR - Virgin Administrators come under fire for doubtful forecasts
Old 14th May 2020, 21:48
  #17 (permalink)  
MickG0105
 
Join Date: May 2016
Location: Sunshine Coast
Posts: 1,204
Received 228 Likes on 109 Posts
Originally Posted by Blackout
Well it seems that the 'liabilities' doesn't just stop there:

https://www.fedcourt.gov.au/__data/a...on-1252020.pdf
That is somewhat astounding, isn't it?!

6. The conditional credit will only be able to be redeemed for a limited period and will have to be redeemed before the earlier of:

(a) a restructuring or recapitalisation of the Virgin Australia Group Ent ity that issues the credit (unless the right to redeem such credits, or their equivalent, is expressly preserved and extended as part of that restructuring or recapitalisation); or

(b) a liquidation of the Virgin Australia Group Entity that issues the credit.

It may not be possible or practical for Regional Airlines Pty Ltd Virgin Australia Airlines Pty Limited or Virgin Australia to resume commercial flights during this period and nothing in this Proposal should be understood as a promise or warranty that eith er company will do so.

7. A customer's use of the conditional credit will be subject to the availability of flights and, if applicable, payment of any fare differences and applicable fees, taxes and airline surcharges if the credit is not sufficient to cover them or the credit is not redeemable for them. Upon booking a flight with a conditional credit, the terms and conditions applicable to that flight and fare type will apply.

8. A conditional credit cannot be exchanged for a refund or unconditional credit. ...
How is this shafting not getting some airplay?
MickG0105 is offline