There are potential other steps, but Deloitte will just drive the company into liquidation if the vote is no. However, Bain have covered their tracks very cleverly and will have what assets/workforce/AOC they want regardless if this is the case.
Although they sound brutal, it will be nice to be managed by people who know what they are doing for once. Domestic has always made the money in Virgin with the 737’s.
Borghetti and the board should be held accountable for their poor decisions and excessive spending. Allowing one department to rob from the other to serve their personal KPI and various bonus’s. Look at Karl from velocity abandoning ship with 8 million plus payout.
The non stop rotation of middle management and massive payouts over the last eight years, if they dare stood up to the little Hitler himself, were tossed out like garbage. Extracting millions of payouts every time.
The phrase, “JWI” - John wants it, were thrown around the head office constantly. Even though these poor decisions were bleeding the company dry for years. Who in their right mind would sign up six A330’s with five different leasing companies 80% above market value - the most expensive in the world ! Even at the start pulling two ex EK clapped out A330’s out of the desert to start, to end up releasing them out whilst virgin pays a percentage of the cost.
Scurrah’s plan so far has worked. The COVID-19 pandemic and voluntary administration gives him the tools to accelerate and undo where Borghetti and the board failed.