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Virgin Atlantic

Old 19th Jun 2020, 15:51
  #501 (permalink)  
 
Join Date: Jul 2010
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Oh dear, hope not for VS's sake.
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Old 19th Jun 2020, 19:42
  #502 (permalink)  
 
Join Date: Mar 2011
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Originally Posted by VickersVicount View Post
GreyBull investments sniffing around bid for VS by all accounts...
Greybull should not be allowed to touch another company never mind another airline !!!

Last edited by Cazza_fly; 20th Jun 2020 at 05:42.
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Old 27th Jun 2020, 17:47
  #503 (permalink)  
 
Join Date: Nov 2007
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Virgin Atlantic targets £900m rescue deal within days

Sir Richard Branson’s flagship company is targeting early next month to seal a privately funded bailout

Virgin Group and Delta Air Lines, Virgin Atlantic's existing shareholders would provide around £250m of new funding support to Virgin Atlantic
This weekend, two proposals from rival hedge funds Davidson Kempner Capital Management and Elliott to provide up to £250m in debt funding to the British carrier are being considered.
Davidson Kempner, an investor in British companies such as the outsourcer Interserve and Oak Furnitureland, is said to be a marginal frontrunner at this stage.
A multitude of advisers, including Houlihan Lokey, Alvarez & Marsal, Deloitte, Morgan Stanley and EY are working for various stakeholders on the Virgin Atlantic rescue deal.
https://news.sky.com/story/coronavir...-days-12015887
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Old 27th Jun 2020, 22:08
  #504 (permalink)  
 
Join Date: Feb 2008
Location: LIVERPOOL
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Originally Posted by Cazza_fly View Post
Greybull should not be allowed to touch another company never mind another airline !!!
GreyBullsh1t as I prefer, because anything they promise Is Bullsh1t , for the sake of any VS staff I hope they don’t get involved...
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Old 28th Jun 2020, 11:13
  #505 (permalink)  
 
Join Date: Jul 2004
Location: Surrey, England
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Lots of words in the Sky report except the word “loan”. Is this what we are talking about if Virgin Atlantic’s stake remains at 51% and if so at what rate?
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Old 11th Jul 2020, 22:15
  #506 (permalink)  
 
Join Date: Nov 2007
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Virgin Atlantic tries to land First Data backing for £1bn rescue
New debt injection from hedge fund Davidson Kempner Capital Management, had been broadly agreed.
Delta Air Lines, which owns 49% of the British airline, and Virgin Group have also agreed roughly £400m in fee deferrals and waivers.
Cardnet, which is owned by Lloyds Banking Group, had now broadly agreed to the terms proposed by Virgin Atlantic and its advisers
If this concluded, the refinancing would include £200 million from Sir Richard's Virgin Group in the form of a capital injection.
https://news.sky.com/story/coronavir...escue-12026543

Last edited by allan1987; 11th Jul 2020 at 22:25.
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Old 14th Jul 2020, 10:20
  #507 (permalink)  
 
Join Date: Nov 2009
Location: UK
Age: 35
Posts: 238
VS deal

Branson’s Virgin Atlantic lands £1.2bn rescue deal
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Old 16th Jul 2020, 19:04
  #508 (permalink)  
 
Join Date: Jan 2011
Location: Stafford
Posts: 431
A colleague with flights booked MAN-MCO in September has been notified that their flights have been cancelled. They’d already decided they didn’t want to go and have requested the flights be refunded so it will be interesting to see how long they have to wait.
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Old 17th Jul 2020, 23:35
  #509 (permalink)  
zfw
 
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Originally Posted by chinapattern View Post
A colleague with flights booked MAN-MCO in September has been notified that their flights have been cancelled. They’d already decided they didn’t want to go and have requested the flights be refunded so it will be interesting to see how long they have to wait.
Been waiting since May 20th, only able to contact VS via Whatsapp and after a promise of a refund .......nothing.
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Old 18th Jul 2020, 16:14
  #510 (permalink)  
 
Join Date: Aug 2017
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To be honest, all airlines need to be very careful they don't totally undermine customer trust. We were talking to a group of friends last night and all of us are owed money by various airlines. Although there is a general half-hearted desire to travel again, everyone agreed that they won't be taking the chance of booking anything any time soon. The consensus was words to the effect of: 'I'm not going to risk it in case the flight gets cancelled and I have to go through the ordeal of getting my money back'.
Shooting themselves in the foot really.
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Old 4th Aug 2020, 19:17
  #511 (permalink)  
 
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Am American request to file for Bankruptcy?
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Old 4th Aug 2020, 19:38
  #512 (permalink)  
 
Join Date: Jul 2001
Location: London
Posts: 49
just filed Chapter 15 bankruptcy in the US

https://www.businessinsider.com/virg...%20protection.

https://www.thebalance.com/what-is-c...one%20country.

an interesting move .....
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Old 4th Aug 2020, 19:43
  #513 (permalink)  
 
Join Date: May 2011
Location: IOM
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An interesting and possibly detrimental move. Clickbait will be 'Virgin Atlantic files for bankruptcy' in the UK mainstream UK media and it will damage bookings more so than has already happened.
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Old 4th Aug 2020, 20:14
  #514 (permalink)  
 
Join Date: Jan 2002
Location: North West
Posts: 44
Hopefully this is just precautionary but at TCX we were told it was business as usual and perfectly normal when they did this 2 weeks before they went into administration.
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Old 4th Aug 2020, 21:05
  #515 (permalink)  
 
Join Date: Dec 2007
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https://reut.rs/33q0x6F

It's all part of the reorganisation process but you can already see lazy journalists have picked the story up incorrectly.
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Old 4th Aug 2020, 21:10
  #516 (permalink)  
 
Join Date: Sep 2008
Location: Blighty
Posts: 4,030
If Virgin felt the need to file Chapter 15, it tells me the negotiations with creditors around restructuring are not going as smoothly as hoped. Maybe it will all work out in the end, but I'm guessing there's some full-and-frank discussions taking place
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Old 5th Aug 2020, 07:09
  #517 (permalink)  
 
Join Date: Feb 2008
Location: UK
Age: 63
Posts: 85
Last night had dinner with old Virgin LHR pals (Ground staff and CC) who are still at Virgin LHR - All on furlough until Oct and then will take statutory redundancy, no jobs offered to most, but 'some selective' staff got jobs offered to them, either a newly named position, or offered a drastically awful contract on annualised hours.
VS Pals had 23-35 years then you are on the heap at nearly or at 60 years of age -
Yes many of you of course are in the same position all over our industry suffering the same pain.

Virgin at Gatwick is gone - Staff told VS will never go back there. No jobs offered elsewhere so they said.

Virgin Atlantic seeking protection under chapter 15 of the US bankruptcy code, which simply allows a foreign debtor to shield it's assets in the country, but is of course a major development as far as UK staff are concerned.

CC Pals on BA worldwide fleet - some had 35-41 years service and all but one have pushed the 'to go' button
Only one has elected to stay and wait to be selected for a job in the new BA CC fleet, he is almost 60.
I told him he was mad and would earn more at Waitrose but he loves his flying job, it is his life, we all know what that means.


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Old 5th Aug 2020, 16:12
  #518 (permalink)  
Paxing All Over The World
 
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Sadly, just like every other business. A friend of mine had been in a City firm for over 20 years and was dumped one day out of the blue. That was in 1999. Personally, I have faced constructive dismissal from a worldwide brand name that everyone knows. Two weeks a go, a friend of mine had to launch a constructive dismissal case against her company due to the way that they made her redundant - they are an international travel company that everyone here would know.

It is what the little boys in big suits do. Year in. Year out.
Always ghastly.
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Old 5th Aug 2020, 16:24
  #519 (permalink)  
 
Join Date: Aug 2000
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Struggling to get my head round the implications and what it may mean for Virgin Atlantic as a whole. I understand how the protection works and wonder if the US investment in the airline has forced this move.
I cant say I am a fan of the airline for a couple of reasons but do wish everyone the best for the future and hope as many jobs as possible are retained.
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