VA pilots worried about employment 2021
Join Date: Oct 2013
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The sooner Scurrah starts communicating with his staff, the better. There is simply not enough info coming from the tower. Is he busy packing up his model planes and emptying the petty cash tin?
Forget about Branson. After he was cashed up by the sale of his share in Virgin America he was offered a greater share of VAH. He promptly declined. He is a fake. A bit like Trump who wants to see his name on everything without owning it and collecting a royalty. He now has has his own problems with his Virgin Voyages. One ship is tied up and he and his partners (Bain and Coy) are committed to 3 more ships with 2 under construction. Unfortunately for Branson this setback occurred before he could sell the majority of his share and lock in the royalty and then move onto his next project.
Evertonian
Interesting suggestion here...
The better option, if it were to come to that – and Virgin has sufficient cash to get through the next three to six months – would be to put the business into administration, wipe out the shareholders, impose losses on creditors and enable a more dramatic restructuring of the business than Scurrah could achieve in more normal circumstances.
And..... amongst all the posturing by AJ, has the country forgotten how he held the entire nation to ransom, when he shut the airline down overnight in a dummy spit?
Psychopath behavior. (Personal Opinion)
Psychopath behavior. (Personal Opinion)
News out of London today is Virgin Atlantic needs bailing out. Branson's group only owns 20% so it will be interesting to see if he stumps up. I suspect not. He will ask for assistance from the U.K Government. I believe Branson asked Scurrah to ask the Australian Government for $1.4B. Now we have Scurrah making statements such as an airline monopoly (read QF) will damage the economy. I doubt he is qualified to make that statement let alone manage an airline..
https://www.theguardian.com/business...s-and-heathrow
The speed with which these comapnies all put their hands out is amazing.
Privatise the profits...socialise the losses.
The speed with which these comapnies all put their hands out is amazing.
Privatise the profits...socialise the losses.
News out of London today is Virgin Atlantic needs bailing out. Branson's group only owns 20% so it will be interesting to see if he stumps up. I suspect not. He will ask for assistance from the U.K Government. I believe Branson asked Scurrah to ask the Australian Government for $1.4B. Now we have Scurrah making statements such as an airline monopoly (read QF) will damage the economy. I doubt he is qualified to make that statement let alone manage an airline..
Source: https://www.ft.com/content/0a67e5f4-...3-6303645ac406
DanV2 I was not aware the deal fell through last year. This makes it more difficult for Branson to retain his share of Virgin Atlantic. The slots at Heathrow are already mortgaged. Perhaps Willie Walsh was correct when he said he cannot see Delta wanting to operate the Virgin brand because if they do what does that say about the Delta brand.
Hopefully for the sake of the crew they pull through this. However if they don’t, where does it leave VARA?
Is VARA a seperate business in its own right? Could it be sold to help keep the ‘mainline’ part afloat?
Is VARA a seperate business in its own right? Could it be sold to help keep the ‘mainline’ part afloat?
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For a system that is supposedly so evil (socialism), they sure do turn to it pretty fast in a time of crisis.
Not to worry, we'll be back to privatising those profits soon enough and the tax payer will have to pick up the tab.
Not to worry, we'll be back to privatising those profits soon enough and the tax payer will have to pick up the tab.
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VA still pay major salaries to its pilots at least.
Over £200000/year for senior trainer checker.
No one I know has volunteered to take a permanent salary cut . Not in my back yard I hear them mutter, im senior.
I don't get it. Why VA don’t reduce salaries nowto preserve themselves?
Because the general public will unwittingly be required to bail them out in the national interest. It could be argued they should have never ordered the ageing A330 , too much expansion and no income.
must be a bitter pill to swollen to all who were made redundant in the last 2 years, while VA flout themselves and their apparent immunity to reality
Over £200000/year for senior trainer checker.
No one I know has volunteered to take a permanent salary cut . Not in my back yard I hear them mutter, im senior.
I don't get it. Why VA don’t reduce salaries nowto preserve themselves?
Because the general public will unwittingly be required to bail them out in the national interest. It could be argued they should have never ordered the ageing A330 , too much expansion and no income.
must be a bitter pill to swollen to all who were made redundant in the last 2 years, while VA flout themselves and their apparent immunity to reality
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Pilot Remuneration cuts is just a drop in the ocean. It wouldn’t make a lot of difference to save the company from collapse. The majority of the company is not being paid currently anyway. It’s all the other costs that continue to roll month after month.
The issues at the present time are aircraft leases, engineering, fees, contracts, property, redundancy payouts.
A330 leases at $1m a month, times such and such many months, the numbers grow very fast.
The issues at the present time are aircraft leases, engineering, fees, contracts, property, redundancy payouts.
A330 leases at $1m a month, times such and such many months, the numbers grow very fast.
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The issues at the present time are aircraft leases, engineering, fees, contracts, property, redundancy payouts.
The silence from Scurrah is deafening.
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One would just hope silence equals a work in progress on some form of deal from somewhere/someone.
He was on ABC Radio's AM program this morning.
He basically states that the other owner-airlines have been approached but their owners are in the same predicament, thus cannot afford to support Virgin.
He basically states that the other owner-airlines have been approached but their owners are in the same predicament, thus cannot afford to support Virgin.
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Anyone thinking the government will pour $1.4b into a long-term loss-making company is dreaming,
$1.4b for a ~70% stake with market cap less than half that amount in a company with a bloated cost base and a $5b debt book significantly denominated in USD would be one of the greatest misuses of public money in history.
The argument about helping the tourist industry recover is naive, The recovery will be more U shaped than V shaped and there will be more than enough overseas capacity and capability that could be introduced into Australia to assist the tourism recovery - all without the need for throwing good taxpayer money after bad into a debt-laden company. Even in 3 years, this taxpayer money will never be recovered and VAH's debt will still be there.
If VAH's billionaire and state-backed shareholders won't tip money in, then why should Joe Public? What steps is VAH taking to immediately address its cost-base? Has it asked employees to make permanent changes to its cost base? Has it renegotiated leases? Until these changes are seen, I wish you all good luck...
$1.4b for a ~70% stake with market cap less than half that amount in a company with a bloated cost base and a $5b debt book significantly denominated in USD would be one of the greatest misuses of public money in history.
The argument about helping the tourist industry recover is naive, The recovery will be more U shaped than V shaped and there will be more than enough overseas capacity and capability that could be introduced into Australia to assist the tourism recovery - all without the need for throwing good taxpayer money after bad into a debt-laden company. Even in 3 years, this taxpayer money will never be recovered and VAH's debt will still be there.
If VAH's billionaire and state-backed shareholders won't tip money in, then why should Joe Public? What steps is VAH taking to immediately address its cost-base? Has it asked employees to make permanent changes to its cost base? Has it renegotiated leases? Until these changes are seen, I wish you all good luck...
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Anyone thinking the government will pour $1.4b into a long-term loss-making company is dreaming,
$1.4b for a ~70% stake with market cap less than half that amount in a company with a bloated cost base and a $5b debt book significantly denominated in USD would be one of the greatest misuses of public money in history.
The argument about helping the tourist industry recover is naive, The recovery will be more U shaped than V shaped and there will be more than enough overseas capacity and capability that could be introduced into Australia to assist the tourism recovery - all without the need for throwing good taxpayer money after bad into a debt-laden company. Even in 3 years, this taxpayer money will never be recovered and VAH's debt will still be there.
If VAH's billionaire and state-backed shareholders won't tip money in, then why should Joe Public? What steps is VAH taking to immediately address its cost-base? Has it asked employees to make permanent changes to its cost base? Has it renegotiated leases? Until these changes are seen, I wish you all good luck...
$1.4b for a ~70% stake with market cap less than half that amount in a company with a bloated cost base and a $5b debt book significantly denominated in USD would be one of the greatest misuses of public money in history.
The argument about helping the tourist industry recover is naive, The recovery will be more U shaped than V shaped and there will be more than enough overseas capacity and capability that could be introduced into Australia to assist the tourism recovery - all without the need for throwing good taxpayer money after bad into a debt-laden company. Even in 3 years, this taxpayer money will never be recovered and VAH's debt will still be there.
If VAH's billionaire and state-backed shareholders won't tip money in, then why should Joe Public? What steps is VAH taking to immediately address its cost-base? Has it asked employees to make permanent changes to its cost base? Has it renegotiated leases? Until these changes are seen, I wish you all good luck...
It will be sluggish domestically but even if it does come back strongly both Qantas and Jetstar will have surplus wide body aircraft (JQ 11 787s, Qantas 40ish A330s and 787s) that can fill the void, as I’m sure no one doubts that international will take quite a bit longer to come back (50 wide bodies would be around the same capacity as virgins 77 narrowbodies).
looking beyond the 18-24 month mark, JQ alone have 18 A321LRs due which could be used for growth to fill the domestic vacuum as international demand comes back, I’m sure Qantas would do similar. Beyond this point, a new entrant would be seen into the market most likely.
so the notion that the australian domestic tourism market will be crippled by the absence of virgin is false in my view.
I would hate to see it go the way of Ansett, I have mates working there but a 90% foreign owned company being propped up by Australian tax payers in the current climate seems unlikely. Without that it's probably over & it also seems unlikely anyone else is going to save the day. A vicious blow given most will find it hard to find employment elsewhere.