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Government Loan to Virgin Australia

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Government Loan to Virgin Australia

Old 3rd May 2020, 01:33
  #1161 (permalink)  
 
Join Date: Jan 2019
Location: Australia
Posts: 96
Originally Posted by normanton View Post
Well I'm sure AFAP will be agreeing with the 3% group policy now.
You’d have to think that policy is down the drain now!
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Old 3rd May 2020, 01:45
  #1162 (permalink)  
 
Join Date: Jun 2010
Location: Sydney
Age: 37
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Originally Posted by Colonel_Klink View Post
You’d have to think that policy is down the drain now!
You would think so, yet Qantas let it go ahead in the LH EBA!
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Old 3rd May 2020, 02:26
  #1163 (permalink)  
 
Join Date: Jul 2008
Location: Australia
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How will that pan out for JQ crew, still an expired EBA. I wonder how that first meeting will go when it happens in the distant future.
JQ: "3%"

Unions: "Ok where do we sign?"

JQ: " And by the way because of Covid-19 there will be no backpay, for the good of the Company."

Unions: "Ok"
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Old 3rd May 2020, 03:17
  #1164 (permalink)  
 
Join Date: Jan 2006
Location: Sydney Australia
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Originally Posted by Lookleft View Post
JQ: "3%"

Unions: "Ok where do we sign?"

JQ: " And by the way because of Covid-19 there will be no backpay, for the good of the Company."

Unions: "Ok"
The first realistic question should be, will everyone keep their job?

The second, In what order of seniority will they return?
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Old 3rd May 2020, 03:53
  #1165 (permalink)  
 
Join Date: Jun 2019
Location: Denmark
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Originally Posted by KRUSTY 34 View Post
The first realistic question should be, will everyone keep their job?

The second, In what order of seniority will they return?
Nothing to suggest anyone will loose their jobs at JQ or QF.

JQ like QF and VA will do what ever is cheapest to fire back up. I know JQ won't pax over a Perth Captain overnight them in Sydney to fly for a week then pax them back just because they're more senior. ML crew will do ML lines ADL crew will do ADL lines etc etc. There is nothing in the EBA to suggest that flying is rostered by seniority.
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Old 3rd May 2020, 04:45
  #1166 (permalink)  
 
Join Date: Jul 2010
Location: Asia
Posts: 929
Everything is up in the air regarding the new entity and a package needs to be put together to convince a majority of the creditors that this would be a better option than liquidation and getting cents on the dollar.

Asking creditors to write off a higher proportion of money owed to them in order for employees to maintain their current terms and conditions isn’t going to go down well, everyone needs to come to the party for a deal to work. An agreement lasting 2-3 years for T&Cs would need to be part of the package for the new owners to base their plans on.

The administrators should be able to put forward a proposal for a restructured airline but it will have very little room for negotiation in it. Obviously it looks better for them if the company can be saved, but they still get paid either way.
krismiler is online now  
Old 10th May 2020, 17:17
  #1167 (permalink)  
 
Join Date: Jul 2017
Location: USA
Posts: 24
I’m not sure but this may not be good news. Bain Capital is a corporate raider, and where Mitt Romney made his money.

https://www.afr.com/street-talk/bain...0200510-p54riq
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Old 10th May 2020, 22:54
  #1168 (permalink)  
 
Join Date: Aug 2013
Location: Qatar
Posts: 48
Good luck to the Virgin guys if Jane Hrdlicka gets her mitts on the controls at a revamped airline. Talk to the JQ guys about her time there. Not very flattering comments about her and the immediate past Chief Pilot, who has since returned to QF.
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Old 10th May 2020, 23:01
  #1169 (permalink)  
 
Join Date: Mar 2006
Location: East of Eden
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The AFR article:

KordaMentha can forget about playing administrator at Virgin Australia - it has a serious horse on the buy-side.

Street Talk can reveal KordaMentha, whose "two Marks" Mark Korda and Mark Mentha are big names in Australia's restructuring industry and oversaw Ansett Airlines' collapse nearly two decades ago, has been snapped up by global giant Bain Capital.

It is understood Bain has mandated KordaMentha as advisers with a view to have an indicative restructuring proposal to Virgin administrator Deloitte when the auction's first round finishes on Friday.
KordaMentha partner Mark Korda; The men who was asked to try to save Ansett in 2001 are back in the thick of it. AAP

Bain's camp also includes ex-Jetstar CEO (and recently departed a2 Milk Company boss) Jayne Hrdlicka, who ran the budget Australian airline from 2012 to 2018, and previously worked in Bain & Company's consulting arm.

While Bain will tap the expertise of its local advisers, the firm brings plenty of aviation experience from offshore, particularly when it comes to corporate revivals. Bain played key roles in several airline restructurings including Atlas Air, America United, and Northwest.Bain is believed to be working on its own at this stage, even as others partner up and form consortia. (Macquarie Group/Brookfield is one early example).

While Bain's based in Boston, it's expected to highlight its "Team Australia" type credentials in pitches to Virgin, governments and unions. The firm has been an active investor in Australia for a few decades and manages money for local institutions including the Future Fund and industry funds such as CareSuper, REST and EISS Super. Its local team includes private equity and credit/special situations type dealmakers.

KordaMentha's role comes after sources said it had earlier been positioning to run the administration. Virgin's board tapped Deloitte instead last month, and the company's creditors have since made no move to have Deloitte replaced.
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Old 11th May 2020, 06:35
  #1170 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 67
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Originally Posted by Des Dimona View Post
The AFR article:

KordaMentha can forget about playing administrator at Virgin Australia - it has a serious horse on the buy-side.

Street Talk can reveal KordaMentha, whose "two Marks" Mark Korda and Mark Mentha are big names in Australia's restructuring industry and oversaw Ansett Airlines' collapse nearly two decades ago, has been snapped up by global giant Bain Capital.

It is understood Bain has mandated KordaMentha as advisers with a view to have an indicative restructuring proposal to Virgin administrator Deloitte when the auction's first round finishes on Friday.
KordaMentha partner Mark Korda; The men who was asked to try to save Ansett in 2001 are back in the thick of it. AAP

Bain's camp also includes ex-Jetstar CEO (and recently departed a2 Milk Company boss) Jayne Hrdlicka, who ran the budget Australian airline from 2012 to 2018, and previously worked in Bain & Company's consulting arm.

While Bain will tap the expertise of its local advisers, the firm brings plenty of aviation experience from offshore, particularly when it comes to corporate revivals. Bain played key roles in several airline restructurings including Atlas Air, America United, and Northwest.Bain is believed to be working on its own at this stage, even as others partner up and form consortia. (Macquarie Group/Brookfield is one early example).

While Bain's based in Boston, it's expected to highlight its "Team Australia" type credentials in pitches to Virgin, governments and unions. The firm has been an active investor in Australia for a few decades and manages money for local institutions including the Future Fund and industry funds such as CareSuper, REST and EISS Super. Its local team includes private equity and credit/special situations type dealmakers.

KordaMentha's role comes after sources said it had earlier been positioning to run the administration. Virgin's board tapped Deloitte instead last month, and the company's creditors have since made no move to have Deloitte replaced.
Well well now that is funny, Bain. And of course the 0900-1500 Mum will be involved as she is a consummate expert on aviation matters as a C-level executive. The village idiots will love her style - diversity, colouring in with crayons, females first in the workplace, all the ridiculous fluffy nonsense that VA was promulgating too. Hell, the ‘specialist’ title will undoubtedly stay too!! Fun times.


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Old 11th May 2020, 07:12
  #1171 (permalink)  

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Not sure Bain is a good mix for an Airline...



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Old 11th May 2020, 10:00
  #1172 (permalink)  
 
Join Date: Apr 2011
Location: 1alpha
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Originally Posted by Paragraph377 View Post
Well well now that is funny, Bain. And of course the 0900-1500 Mum will be involved as she is a consummate expert on aviation matters as a C-level executive. The village idiots will love her style - diversity, colouring in with crayons, females first in the workplace, all the ridiculous fluffy nonsense that VA was promulgating too. Hell, the ‘specialist’ title will undoubtedly stay too!! Fun times.
If Bain get the bid what happens to Paul, Stewie, the ELT, and the board???
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Old 11th May 2020, 11:14
  #1173 (permalink)  
 
Join Date: Feb 2011
Location: Oz
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Originally Posted by 2020Balance View Post
If Bain get the bid what happens to Paul, Stewie, the ELT, and the board???
Carla Hrdlicka
Chairman and Chief Executive Officer, Virgin Australia Group
9-3 Monday to Friday
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Old 11th May 2020, 12:07
  #1174 (permalink)  
 
Join Date: Feb 2009
Location: deutschland
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Chairman and Chief Executive Officer, Virgin Australia Group
9-3 Monday to Friday.........
Other times by appointment only
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Old 11th May 2020, 12:12
  #1175 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
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Originally Posted by Con Catenator View Post
Other times by appointment only
And bring your own milk!
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Old 11th May 2020, 12:55
  #1176 (permalink)  
 
Join Date: May 2016
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Originally Posted by Paragraph377 View Post
And bring your own milk!
A2, Brute?
MickG0105 is online now  
Old 11th May 2020, 13:10
  #1177 (permalink)  
 
Join Date: Sep 2002
Location: Australia
Posts: 749
Originally Posted by Paragraph377 View Post
Well well now that is funny, Bain. And of course the 0900-1500 Mum will be involved as she is a consummate expert on aviation matters as a C-level executive. The village idiots will love her style - diversity, colouring in with crayons, females first in the workplace, all the ridiculous fluffy nonsense that VA was promulgating too. Hell, the ‘specialist’ title will undoubtedly stay too!! Fun times.
How the hell do these incompetent halfwits keep turning up time after time?
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Old 11th May 2020, 22:04
  #1178 (permalink)  
 
Join Date: Jul 2000
Location: Australia
Posts: 522
Originally Posted by MickG0105 View Post
A2, Brute?
That's brilliant!!!
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Old 12th May 2020, 05:06
  #1179 (permalink)  
 
Join Date: Oct 2007
Location: Australia
Posts: 114
Para, have you put in a bid, everyone else in Australia is incompetent in your inflated opinion. Have a go. Not sure you could do it a grenade chucker, you would have to be seen.
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Old 12th May 2020, 07:19
  #1180 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 67
Posts: 2
Originally Posted by Pundit View Post
Para, have you put in a bid, everyone else in Australia is incompetent in your inflated opinion. Have a go. Not sure you could do it a grenade chucker, you would have to be seen.
Really, I said that in my opinion - ‘everyone else in Australia is incompetent’? Please show me where I said that. And if you can’t, please please please go and crawl back under that executive managers desk and continue with what you do best. Every executive needs their lap poodle, and you do it so well. Kia Ora
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