Virgin Atlantic
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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.
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.
Join Date: Feb 2008
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Virgin Atlantic tries to land First Data backing for £1bn rescue
https://news.sky.com/story/coronavir...escue-12026543
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.
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.
Last edited by allan1987; 11th Jul 2020 at 23:25.
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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.
Join Date: Nov 1999
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Been waiting since May 20th, only able to contact VS via Whatsapp and after a promise of a refund .......nothing.
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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.
Shooting themselves in the foot really.
Join Date: Jul 2001
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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 .....
https://www.businessinsider.com/virg...%20protection.
https://www.thebalance.com/what-is-c...one%20country.
an interesting move .....
Join Date: May 2011
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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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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.
It's all part of the reorganisation process but you can already see lazy journalists have picked the story up incorrectly.
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
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.
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.
Paxing All Over The World
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.
It is what the little boys in big suits do. Year in. Year out.
Always ghastly.
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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.
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.
