VA pilots worried about employment 2021
I am surprised the market is not being kept fully informed of the predicament Virgin Australia (VAH)has found itself in. This may be due to the ASX announcements being overloaded but unlikely. I suspect it is due to the mess VAH are in. For those that do not know Stand and Poor's (S&P) has junked the VAH credit rating. This is the second downgrade in 2 weeks by S&P. S&P is concerned the previous mentioned $900 million unrestricted cash buffer (loan) is likely to materially reduce in the very near term. With HNA now taken over by the State (Chinese Government) anything could come from left field. Etihad is going to crumble like a pack of cards. A ratings agency has described Etihad as having very weak financials.
Etihad has sold 38 long haul aircraft at fire sale prices to raise USD1,000,000,000. This is just over an average of USD26M per aircraft. The sale includes all the B777-300ERs, A330-200s and A330-300s powered by Trent engines.
Etihad has sold 38 long haul aircraft at fire sale prices to raise USD1,000,000,000. This is just over an average of USD26M per aircraft. The sale includes all the B777-300ERs, A330-200s and A330-300s powered by Trent engines.
Maybe check your facts before sinking the boot in B772.
VAH announced that very thing on Mar 27th to the ASX.
Better find something else to do in your retirement as posting half-decent posts with anything of quality isnt a strong point.
VAH announced that very thing on Mar 27th to the ASX.
Better find something else to do in your retirement as posting half-decent posts with anything of quality isnt a strong point.
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B772
Yes - there was a formal ASX announcement on 27th March - I suspect submitted pretty much immediately by Scurrah. There's too much riding on this to stuff around and hide things.
So it was out in the open straight away, and maybe you should be a bit more careful about your comments.
Yes - there was a formal ASX announcement on 27th March - I suspect submitted pretty much immediately by Scurrah. There's too much riding on this to stuff around and hide things.
So it was out in the open straight away, and maybe you should be a bit more careful about your comments.
Chadzat and Dale Hardale. I concede. I have found the announcement. I usually rely on Commsec for announcements. Commsec is not up to date which is a worry.
A further update from a former Etihad colleague is the B787-10 fleet will be used as freighters until further notice. This will ensure the carriage of fruit, vegetables, meat, medical supplies and mail etc will continue to ports where borders remain open for cargo.
A further update from a former Etihad colleague is the B787-10 fleet will be used as freighters until further notice. This will ensure the carriage of fruit, vegetables, meat, medical supplies and mail etc will continue to ports where borders remain open for cargo.
”I feel that this hysterical main stream media response is fear porn.”
That may or may not be the case, if it bleeds it leads.
But I am amazed that people out there still think that the c19 response is media driven.
NYC has almost 34,000 cases of the virus and heading towards 1000 deaths and the rapid rate of growth is staggering.
The city is expecting these numbers to increase massively and city hospitals cannot cope and have resorted to storing dead bodies in Costco freezer trucks.
The Governor of NY has mobilized the National Guard and the Navy have sent a hospital ship to the city.
I am the last person on earth to believe commercial news media outlets however these grim numbers are not the result of a media beat up.
The Government and business are not reacting the way they have simply because leaders happened to turn on the tv news one day.
That may or may not be the case, if it bleeds it leads.
But I am amazed that people out there still think that the c19 response is media driven.
NYC has almost 34,000 cases of the virus and heading towards 1000 deaths and the rapid rate of growth is staggering.
The city is expecting these numbers to increase massively and city hospitals cannot cope and have resorted to storing dead bodies in Costco freezer trucks.
The Governor of NY has mobilized the National Guard and the Navy have sent a hospital ship to the city.
I am the last person on earth to believe commercial news media outlets however these grim numbers are not the result of a media beat up.
The Government and business are not reacting the way they have simply because leaders happened to turn on the tv news one day.
Last edited by oicur12.again; 30th Mar 2020 at 17:06.
Virgin Australia is reportedly seeking a $1.4 billion loan from the Federal Government to survive a prolonged coronavirus grounding.
Under the plan, if the airline was unable to repay the loan in full within two to three years, the government would take an equity stake in the company.
Mindful of potential criticism over the Government bailing out Virgin alone – including recent comments by Qantas CEO Alan Joyce that the Government "can’t pick winners and losers" and that any aid should be shared across the sector – Scurrah is said to have suggested that rescue package "not be exclusive to Virgin and should be part of a broader aviation industry package of up to $5 billion"
Under the plan, if the airline was unable to repay the loan in full within two to three years, the government would take an equity stake in the company.
Mindful of potential criticism over the Government bailing out Virgin alone – including recent comments by Qantas CEO Alan Joyce that the Government "can’t pick winners and losers" and that any aid should be shared across the sector – Scurrah is said to have suggested that rescue package "not be exclusive to Virgin and should be part of a broader aviation industry package of up to $5 billion"
If the Govt. does that every failing business (and then some) in Australia will come with their hand out. Can someone please explain to me how Virgin expects to make 1.4B in 3 years?
VAH are in a trading halt on the ASX pending an announcement.
Interesting to see the comparison between Virgin Australia and Aeroflot as determined by Fitch Ratings.
"VAH's rating compares well with that of Public Joint Stock Company Aeroflot - Russian Airlines (Aeroflot, BB/Negative). Aeroflot benefits from its position as Russia's flagship carrier, as well as the diversification of its route network, favourable hub position and competitive cost structure. VAH's business profile is comparable with that of Aeroflot as well. VAH has a strong market position as a result of the structure of the Australian aviation market and the end-of-the-line protection of its main domestic operations.
The main factors underscoring the four-notch differential are Aeroflot's rating benefits from a two-notch uplift under Fitch's Government-Related Entities Rating Criteria, with the remaining two notches attributable to Aeroflot's better business profile due to larger scale and the deterioration of VAH's financial profile - which has led to one of the two-notch downgrade - as it responds to the pandemic".
Interesting to see the comparison between Virgin Australia and Aeroflot as determined by Fitch Ratings.
"VAH's rating compares well with that of Public Joint Stock Company Aeroflot - Russian Airlines (Aeroflot, BB/Negative). Aeroflot benefits from its position as Russia's flagship carrier, as well as the diversification of its route network, favourable hub position and competitive cost structure. VAH's business profile is comparable with that of Aeroflot as well. VAH has a strong market position as a result of the structure of the Australian aviation market and the end-of-the-line protection of its main domestic operations.
The main factors underscoring the four-notch differential are Aeroflot's rating benefits from a two-notch uplift under Fitch's Government-Related Entities Rating Criteria, with the remaining two notches attributable to Aeroflot's better business profile due to larger scale and the deterioration of VAH's financial profile - which has led to one of the two-notch downgrade - as it responds to the pandemic".
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Putting aside the personal impact on Virgin's staff, which would be absolutely terrible, the government has a real problem on it's hands.
The big difference between Virgin and other companies that have been the beneficiaries of government support is that Virgin is a publicly listed company whose main shareholders are outside of Australia and who are in no position to provide a bail out. So the Australian government would then become a prime guarantor for ongoing operations of a private and foreign owned entity.
Don't think that would sit very well with most Australians and the argument against the bail out will be that it's not a government responsibility to prop up a public company that has been totally mismanaged by others over the years.
You can bet that AJ will be leaving no stone unturned to try and stop this, without equivalent funding for Qantas.
The big difference between Virgin and other companies that have been the beneficiaries of government support is that Virgin is a publicly listed company whose main shareholders are outside of Australia and who are in no position to provide a bail out. So the Australian government would then become a prime guarantor for ongoing operations of a private and foreign owned entity.
Don't think that would sit very well with most Australians and the argument against the bail out will be that it's not a government responsibility to prop up a public company that has been totally mismanaged by others over the years.
You can bet that AJ will be leaving no stone unturned to try and stop this, without equivalent funding for Qantas.
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VAH in a trading halt due pending announcement.
Was the 1.4b request the announcement, or are they announcing the governments response?
Was the 1.4b request the announcement, or are they announcing the governments response?
No trade until answered I would say. It may stay halted if their finances are precarious and the parents are unable to cough up.
With so many demands for government help right now I can't see them them pitching in, particularly being a largely foreign owned entity.
Employees will be able to access the relief package announced last night if it fails, so they are looked after to a degree for 6 months.
It feels like Ansett all over again. makes That makes me feel ill.
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Live from Channel 7.. dated today.
What????
Im very confused, NZ don’t have a holding anymore?
https://news.google.com/articles/CAI...U&ceid=AU%3Aen
Virgin Australia shares have been placed in a trading halt pending an announcement from Air New Zealand regarding its shareholding on Tuesday.
Air New Zealand is the largest shareholder in Virgin Australia with a 26 per cent stake.
“The trading halt is requested pending an announcement by Air New Zealand in relation to its shareholding in Virgin Australia,” the company said in a statement to the ASX on Wednesday.
Air New Zealand is the largest shareholder in Virgin Australia with a 26 per cent stake.
“The trading halt is requested pending an announcement by Air New Zealand in relation to its shareholding in Virgin Australia,” the company said in a statement to the ASX on Wednesday.
What????
“Virgin Australia wishes the trading halt to remain in place until the earlier of such time as Air New Zealand makes an announcement to the market in relation to its shareholding in VAH and the commencing of trading on Thursday 31 March 2020.”
https://news.google.com/articles/CAI...U&ceid=AU%3Aen
JB didnt act alone.....Anyone on the board or with manager in their title should hang their heads in collective shame. If VA does survive they should publicly apologise to staff AND take a massive and I mean 75% or more pay cut.
short flights long nights
That makes no sense at all.
