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Government Loan to Virgin Australia

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Government Loan to Virgin Australia

Old 20th Apr 2020, 10:22
  #881 (permalink)  
 
Join Date: Nov 2001
Location: Australia/India
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Originally Posted by Arctaurus View Post
They'll do what all leasing creditors do - secure their assets as soon as possible. It's pretty simple.
What do you mean by securing their assets? Do you think the creditors are worried that Virgin might try selling cheap aircraft on EBay?
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Old 20th Apr 2020, 10:24
  #882 (permalink)  
 
Join Date: Feb 2002
Location: NSW
Posts: 43
If one of the large creditors now appoints a Receiver because they're in default [read the fine print of any loan or lease] it may be the real end.
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Old 20th Apr 2020, 10:26
  #883 (permalink)  
 
Join Date: Dec 2001
Location: Australia
Posts: 196
Hopefully default can be avoided if the Administrators get in early enough.
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Old 20th Apr 2020, 10:29
  #884 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 68
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Originally Posted by -41 View Post
Sunfish was very close to the mark he almost nailed it!
Sunfish was closer to the mark than anybody else. He copped a lot of shit for doing exactly what was so wrong? Oh yes, showing he was further ahead of the information stream than any of you who were shitting on him were.
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Old 20th Apr 2020, 10:30
  #885 (permalink)  
 
Join Date: Jan 2009
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Originally Posted by Arctaurus View Post
Hopefully default can be avoided if the Administrators get in early enough.
Is that likely though? I mean, realistically? There's next-to-no income, granted salaries and wages can be cut immensely by standing-down crews, and no flying = no fuel used, but the fixed expenses aren't going to go away. Short of selling off any owned aircraft (but who'll be buying in this environment?) I can't see any way to bring in enough income to trade their way out of this.
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Old 20th Apr 2020, 10:31
  #886 (permalink)  
 
Join Date: Aug 2007
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Special comments
From the failed Howard minister Jackie Kelly, “just a blip”
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Old 20th Apr 2020, 10:32
  #887 (permalink)  
 
Join Date: Sep 2007
Location: Australia
Posts: 308
The administrators don't care about 'VA' or aviation or airlines full stop, that is not their remit. They are there to protect the interests of the creditors. They are accountants. They see the world as assets and debts.

I've been through this process as a pilot staring at redundancy. I know its tempting to fall for every white knight scenario, we heard plenty in the last 2 weeks we continued to work for no salary while the administrators quietly and politely shuffled around the office, starting what for them was a lucrative 2 year undertaking...

Don't be surprised if none of these aircraft fly for 'V Australia' or whatever else you want to imagine. Its over.
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Old 20th Apr 2020, 10:41
  #888 (permalink)  
 
Join Date: Jun 2009
Location: Sydney
Age: 40
Posts: 110
Who could ever forget the ramblings of Teresa Green who posted on here
He was a true disciple of the magic man one J . Borghetti

The silly old bugger was forever preaching "get borghetti , get borghetti" he thought JB was the man to resurrect QF post grounding etc

For that matter so many of the pilots were overly enamored by the Virgin spin "its the place to be , its the place to be" they would cry

Back at the ranch magic just continued to spend and continued to spend and continued to spend , flashy paint , flash new uniforms , oh & we must have a flash business lounge also
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Old 20th Apr 2020, 10:46
  #889 (permalink)  
 
Join Date: Nov 2018
Location: Maningrida
Posts: 38
*** PLEASE TAKE CARE ALL ***

All the guys and girls at VA please take care. This is a volatile time and things just went up a notch. Please, please, please reach-out to someone if youíre feeling the pinch!

Many of us have been through this is 2001/2. While the road out seems uncertain right now, there WILL be a road out.

If anyone has friends in VA, please consider giving them a ring to check-in on them soon. We may all fly different tails, but we are all of the same profession.

If you canít sleep or donít feel like yourself, please seek out help or go see a Doctor. There is an abundance of help around.

There is absolutely NO need to suffer in silence or take this out on your loved ones.

Stay strong. This feeling will pass. Promise
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Old 20th Apr 2020, 10:50
  #890 (permalink)  
 
Join Date: Dec 2000
Location: Australia
Posts: 862
What is a little different here in terms of aircraft owners is they have no where else to make money on their aircraft so they will be more inclined to negotiate one would hope.
good to see 377 back alive and ranting....stilll
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Old 20th Apr 2020, 10:54
  #891 (permalink)  
 
Join Date: Aug 2009
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https://www.afr.com/street-talk/meet...0200420-p54lam
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Old 20th Apr 2020, 10:56
  #892 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
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Originally Posted by ozbiggles View Post
What is a little different here in terms of aircraft owners is they have no where else to make money on their aircraft so they will be more inclined to negotiate one would hope.
good to see 377 back alive and ranting....stilll
Love you too Biggles. Chin up mate. Cheers
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Old 20th Apr 2020, 11:00
  #893 (permalink)  
 
Join Date: Apr 2011
Location: 1alpha
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I just got reissued with a new set of RM’s about 8 weeks ago. Haven’t even worn them yet. Will I have to give them back ???
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Old 20th Apr 2020, 11:09
  #894 (permalink)  
 
Join Date: Jun 2019
Location: Denmark
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Originally Posted by log0008 View Post
Their are thousands of people facing life without a job, the Australian public is facing airfares which will make flying unattainable for some and your worried about your lousy refund. Grow up and get some perspective
I have been hearing this a lot over the last few weeks! Even if VA was there on the other side you honestly think airfares would be the same! I doubt it airlines have a lot to recoup from this virus. Cheap airfares are gone for a few years to come.
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Old 20th Apr 2020, 11:13
  #895 (permalink)  
 
Join Date: Oct 2002
Location: act
Posts: 170
Have a read of Section 5.3A of the Corporations Act 2001, explains what happens during VA, and that the company is protected from civil proceedings unless the administrator gives consent, or a court grants leave, S440D refers. Iím certainly no expert, but reading that is probably more reliable than most of the comments here.
Good luck to all those at VA, including many friends and colleagues from over the years.
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Old 20th Apr 2020, 11:21
  #896 (permalink)  
 
Join Date: Oct 2013
Location: ALandDownUnder
Posts: 115
Of course, travel will take a long time to return to the prices of the last decade, but with one company owning every single seat on the domestic market, they can literally change what ever they want.
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Old 20th Apr 2020, 11:21
  #897 (permalink)  
 
Join Date: Jul 2007
Location: BAO
Posts: 2
Ex "tail wheel" -
"You are now a Creditor of Virgin: your refund and Frequent Flyer points are in limbo."
'Secured or Not', be 'the' question- the Credit Card gig, Has been shut-down for weeks (allegedly/apparently...???)

Good Luck- stay safe & well.
Look after/think of each other.
Rgds
S28- BE
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Old 20th Apr 2020, 11:28
  #898 (permalink)  
 
Join Date: Nov 2014
Location: Wangaratta
Posts: 68
Paywall.. Can someone post the article
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Old 20th Apr 2020, 12:13
  #899 (permalink)  
 
Join Date: Apr 2011
Location: aus
Posts: 189
Originally Posted by WillieTheWimp View Post
Paywall.. Can someone post the article
View in porn mode
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Old 20th Apr 2020, 12:18
  #900 (permalink)  
34R
 
Join Date: Jul 2002
Location: Brisbane
Age: 49
Posts: 230
Chicken littles everywhere.

They have not folded.
In the current situation, this is not unexpected and is a positive step.

There will be a Virgin MKII. It may be smaller and leaner, but it will survive.
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