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Government Loan to Virgin Australia

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Government Loan to Virgin Australia

Old 16th Apr 2020, 08:38
  #601 (permalink)  
 
Join Date: Jan 2010
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But we still try to help the elderly , poor and unfit people who have not looked after their health but now have coronavirus? Or we decide they not worth it ?
Toruk Macto is offline  
Old 16th Apr 2020, 08:53
  #602 (permalink)  
 
Join Date: Apr 2011
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Sector wide... Aviation package much like The US?
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Old 16th Apr 2020, 08:56
  #603 (permalink)  
 
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Originally Posted by Toruk Macto View Post
But we still try to help the elderly , poor and unfit people who have not looked after their health but now have coronavirus? Or we decide they not worth it ?
Wow - that is a very long bow, even by the standards on these boards.
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Old 16th Apr 2020, 08:57
  #604 (permalink)  
 
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Originally Posted by Toruk Macto View Post
But we still try to help the elderly , poor and unfit people who have not looked after their health but now have coronavirus? Or we decide they not worth it ?
$1.4 billion for 8,000 jobs. That’s $175,000 per job. So to be quite cold, no, they’re not worth it. Unemployment rates are conservatively estimated to reach at least 10%, or around 800,000 workers. Virgin employees are a drop in the ocean compared to the economic effects of this virus.

10 years of mismanagement are the reason they’re going bust, not the govt.
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Old 16th Apr 2020, 08:57
  #605 (permalink)  
 
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Originally Posted by ECAMACTIONSCOMPLETE View Post
At the end of the day, the govt doesn’t have the ability to save every business in every industry from the effects of COVID 19. The economic impacts are similar to the health impacts, those that were healthy leading into the crisis have a good chance of surviving, those with pre-exisiting conditions may find the pandemic to be fatal.
So the strong should make a sacrifice to help the more vulnerable?
because doing that’s why we’re all in this shit at the moment.

thanks for supporting VA assistance
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Old 16th Apr 2020, 08:59
  #606 (permalink)  
34R
 
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Originally Posted by Toruk Macto View Post
But we still try to help the elderly , poor and unfit people who have not looked after their health but now have coronavirus? Or we decide they not worth it ?
Wow!!

Ladies and gentlemen.... we have a winner
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Old 16th Apr 2020, 09:12
  #607 (permalink)  
 
Join Date: Sep 2002
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Originally Posted by ECAMACTIONSCOMPLETE View Post
10 years of mismanagement are the reason they’re going bust, not the govt.
Absolute bullshit!!! If it wasn't for COVID-19, Virgin would not be going bust!
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Old 16th Apr 2020, 09:16
  #608 (permalink)  
 
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Originally Posted by The Bullwinkle View Post
Absolute bullshit!!! If it wasn't for COVID-19, Virgin would not be going bust!
No, but sadly they were circling the drain.
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Old 16th Apr 2020, 09:17
  #609 (permalink)  
 
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Originally Posted by The Bullwinkle View Post
Absolute bullshit!!! If it wasn't for COVID-19, Virgin would not be going bust!
bingo.
anyone suggesting that it was a foregone conclusion, I assume had taken a short on the position to back up their confidence. Should be laughing now.

otherwise they’re speaking with revisionist bullshit.
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Old 16th Apr 2020, 09:18
  #610 (permalink)  
 
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Originally Posted by The Bullwinkle View Post
Absolute bullshit!!! If it wasn't for COVID-19, Virgin would not be going bust!
So the billions of dollars of debt accrued before this is irrelevant?

ECAM, very eloquently put. Exactly my thoughts; but I wouldn’t have been able to convey it as well.
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Old 16th Apr 2020, 09:22
  #611 (permalink)  
 
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Originally Posted by junior.VH-LFA View Post
So the billions of dollars of debt accrued before this is irrelevant?

ECAM, very eloquently put. Exactly my thoughts; but I wouldn’t have been able to convey it as well.
Completely irrelevant! The company was turning around under a competent new leader. That's what he's good at and that's what he was doing!
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Old 16th Apr 2020, 09:25
  #612 (permalink)  
 
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Originally Posted by The Bullwinkle View Post
Absolute bullshit!!! If it wasn't for COVID-19, Virgin would not be going bust!
True, but if they didn’t screw up the last decade, they wouldn’t be begging for cash, bringing in debt corporates, crying administration.

Had they stuck to their profitable and debt free previous roots, of Virgin Blue, and went down the Alaska of JetBlue type of model, without gutting the joint to the tune of billions, they might have a few billion bucks on the balance sheet, profitable, and little debt. They could have gone to lenders tomorrow and secured cash against their aircraft. They could have secured billions on finance, if they were in a better position. They can’t do that today because they already did that, to fund a airfare war.
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Old 16th Apr 2020, 09:28
  #613 (permalink)  
 
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$5b in debt. Asking for another $1.4b that will never be repaid. Where does it end? The government with a slice of equity in a broke company? Please.

Fold it up. Start again. Drop the royalty payment bullshit to Tiger and Branson.

The interest alone on a $1.4b loan would cripple any turn around PS was making.
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Old 16th Apr 2020, 09:30
  #614 (permalink)  
 
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https://www.worldometers.info/corona...try/australia/

Take a good look at all these graphs and project them. By a months time or middle of June the Virus will be eradicated.
The Lancet also indicates this on their website. I also agree to this because viruses get weaker and weaker over time.
If that's the case we will be into only week 2 of the job keeper allowance right at the time everyone is starting to go back to work.
i.e payroll will be reverting all salaries. Hence the 130 billion would be hardly touched. Catch my drift or am
I being too situationally aware.

And another thing: Where the F#@*K are the Greens. Not one mention in the last 4 weeks until I typed it in 14 words ago.
Hiding in there rabbit holes like they did during the bushfires. They stand for [email protected]#*K all and always have. They are
friggen cowards, wimps, useless waste of time and money and couldn't give a shizen about any of our jobs.
I've saying that for 20 years.

Directimped. I forgot about their website. I had a quick look nothing new there. Money grows on trees party are still
in hibernation Adam will come out of the bunny hole in August.

Last edited by Turnleft080; 16th Apr 2020 at 11:27.
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Old 16th Apr 2020, 09:35
  #615 (permalink)  
 
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For the record, I don’t want VA to fall or anyone to lose their jobs.

I just think any support VA gets needs to be part of an industry wide package, not a direct government intervention which is essentially buying into VA’s considerable debt. I don’t think it’s fair and I think it would set a precedent for a lot of other private enterprises in Australia that the government will bail them out during COVID, regardless of their previous financial situation. As cliche as it is, the Govt shouldn’t be picking winners and losers, just helping out the sector evenly.

For people that work there, that still ******* sucks and I understand that totally.

For the liberal government at the moment, I imagine the discussion is centring around conservative economic values vice the potential electoral hurt and slower tourism industry that results from less flights and competition.

From what Scomo has said publicly though, I think they’ve made their decision already.

Best of luck to everyone.
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Old 16th Apr 2020, 09:37
  #616 (permalink)  
 
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Originally Posted by Turnleft080 View Post

And another thing: Where the F#@*K are the Greens. Not one mention in the last 4 weeks until I typed it in 14 words ago.
Hiding in there rabbit holes like they did during the bushfires. They stand for [email protected]#*K all and always have. They are
friggen cowards, wimps, useless waste of time and money and couldn't give a shizen about any of our jobs.
I've saying that for 20 years.
https://greens.org.au/covid19
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Old 16th Apr 2020, 09:47
  #617 (permalink)  
 
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Originally Posted by chookcooker View Post
So the strong should make a sacrifice to help the more vulnerable?
because doing that’s why we’re all in this shit at the moment.

thanks for supporting VA assistance
For “those” ....” do we decide they are worth it ? “... posting here with their contributions to this existing condition regarding the hardship that many of us will encounter and the imminent downgrading of our relative peaceful and prosperous life please tell your elderly family members or the elderly population in general that
you are willing to sacrifice them for your possible better life in the future .Sacrificial lambs.Those that endured the Depression and two World Wars with the associated lives lost to secure your future .......Well........I’m lost for words.
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Old 16th Apr 2020, 09:49
  #618 (permalink)  
 
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Untangle your knickers and read the ANALOGY again.
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Old 16th Apr 2020, 10:01
  #619 (permalink)  
 
Join Date: Sep 2005
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Originally Posted by veetu View Post
For “those” ....” do we decide they are worth it ? “... posting here with their contributions to this existing condition regarding the hardship that many of us will encounter and the imminent downgrading of our relative peaceful and prosperous life please tell your elderly family members or the elderly population in general that
you are willing to sacrifice them for your possible better life in the future .Sacrificial lambs.Those that endured the Depression and two World Wars with the associated lives lost to secure your future .......Well........I’m lost for words.
that whistling you hear isn’t tinnitus, it’s you spectacularly missing the point.
well done
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Old 16th Apr 2020, 10:14
  #620 (permalink)  
 
Join Date: Nov 2010
Location: Perth
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I need some advice:

On Saturday 11th of April: I rang VA...they said my flight was a non refundable flight (PER-MEL-PER in November). I told them to put my flight into flight credit which they did. But then I asked them what if VA goes under..then my flight credit ceases to exist...they said they are not thinking that far ahead. I then told them to reinstate the flight as normal and if VA is around still in November when my flight is scheduled then I will still fly to MEL. I'll watch and keep an eye on the situation. Flight is still 7 months away. I also had hotel room booked but that isnt complicated as I pay on arrival. So really its just the airfare which is a bit sticky but i do have 7 months to keep an eye on things and I'll re-assess it in Sept/Oct.

But due to the current situation it seems VA are not looking at all. Will VA go under in a matter of weeks or months? Should I call VA and ask them to cancel my flight and put it into flight credit for 12 months.

Any advice is appreciated.

Cheers.
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