ASX Link here:
https://www.asx.com.au/asxpdf/202008...hmj7fsgdg4.pdf
Extract:
VIRGIN AUSTRALIA GROUP ANNOUNCES PLAN TO FOCUS ON CORE STRENGTHS, RE-ESTABLISHING ITSELF AS AN ICONIC AUSTRALIAN AIRLINE
Key points:
•Plan for a stronger, more profitable and competitive Virgin Australia coming out of voluntary administration
•Focus on delivering exceptional experiences at great value with Virgin Australia’s core domestic and short-haul international business
•Virgin Australia to provide customers with the value of travel credits post administration with validity dates extended for bookings made prior to administration
•Resetting Virgin Australia to meet lower global and Australian demand, including:
o Reduction in cost base to meet sector uncertainty and COVID-19 market conditions
o Securing approximately 6,000 jobs when the market recovers with 3,000 roles impacted
o Simplified all-Boeing 737 mainline fleet and the retention of the regional and charter fleet, but removing ATR, Boeing 777, Airbus A330 and Tigerair Airbus A320 aircraft types
o Long-haul international flying important part of plan but suspended until global travel market recovers
o Tigerair Australia brand discontinued with Air Operator Certificate (AOC) and necessary support maintained to provide option for ultra-low-cost operations when market recovers
o Continued commitment to regional and charter flying.
5 August 2020: The Virgin Australia Group (ASX: VAH) has announced a plan for a stronger, more profitable and competitive business, building on its unique culture and securing approximately 6,000 jobs as it prepares to exit voluntary administration under the ownership of Bain Capital.............
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