Originally Posted by
MickG0105
Cyrus currently has just $4 billion in assets under management. Resurrecting Virgin 'to remain roughly the same size it was before going into voluntary administration in April' will be a $5 billion cash and debt deal. So, there's that.
Branson is underwater on Virgin Atlantic and just watched Virgin Orbit drop a $12 million two-stage rocket into the Pacific Ocean (for those unfamiliar with the project, the rocket was meant to head in the opposite direction). And then there's Virgin Voyages - probably not tracking to the FY20 businsss plan and not likely to be hitting its FY21 numbers either with a further two 110,000 tonne cruise ships on order. So, in the grand scheme of things I wouldn't think that he's necessarily flush with cash just at the moment.
Cyrus are likely just trying to play up their non-financial credentials to the unions ahead of Friday's short-short-listing.
No secret I think Micks posts are as informative as any, more so than most so would encourage more seriously read....and ponder.
The CREDITORS and ONLY the creditors will decide what happens to VA - it is not, and never will be, the administrator.
It is up to the administration to try to convince the creditors that it's to their benefit to cut their losses and accept xxx% o the dollar.
It is up to the administration to try to convince any serious buyer to throw in xxx billions (totally dead money) to tell the creditors to piss off.
THEN the buyer has to have the $$ to keep the operation going, revamp, renew....whatever buzzwords you want to employ.
Mick I think is suggesting Cyrus don't have the financial power required to accomplish the above.
Does anyone - apart from (maybe) someone who sees assets to be stripped?
Apologies Mick If I've misunderstood or misquoted you, from what I see what you say is just fair common sense, well imparted with no malice intended to anyone.
Time will tell.
Cheers