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Private equity take-over for Virgin Australia?

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Private equity take-over for Virgin Australia?

Old 26th Apr 2020, 12:06
  #201 (permalink)  
 
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...yes, noted, Poppa, 'cause no-one wants Dick down their throats again
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Old 26th Apr 2020, 12:41
  #202 (permalink)  
 
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Originally Posted by Buttscratcher View Post
...yes, noted, Poppa, 'cause no-one wants Dick down their throats again
Again...?
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Old 27th Apr 2020, 04:20
  #203 (permalink)  
 
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A Chinese company & or Government Owning an Australian airline, be careful what you wish for.......That is a frightening outcome for Virgin.
You are talking about people who have a proven, well documented and lengthy history of outright dishonesty, abuse of power, total disregard for employee & shareholder rights, complete lack of transparency, intimidation & total secrecy. Once you open the door to Chinese investors you will be raped & discarded, because thats how they do business.
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Old 27th Apr 2020, 04:41
  #204 (permalink)  
 
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However, Chinese companies make for great Employers when it comes to hiring ex Politicians, lobbyists and so on. They pay very well !!!
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Old 27th Apr 2020, 09:00
  #205 (permalink)  
 
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Question:

Is there anything stopping the QF group from pretending to be one of the potential buyers ?
(Paying someone to do it).

In order to find out in great detail the financials / plans etc.
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Old 27th Apr 2020, 09:19
  #206 (permalink)  
 
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Originally Posted by stevieboy330 View Post
A Chinese company & or Government Owning an Australian airline, be careful what you wish for.......That is a frightening outcome for Virgin.
You are talking about people who have a proven, well documented and lengthy history of outright dishonesty, abuse of power, total disregard for employee & shareholder rights, complete lack of transparency, intimidation & total secrecy. Once you open the door to Chinese investors you will be raped & discarded, because thats how they do business.

How about this?
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Old 27th Apr 2020, 09:28
  #207 (permalink)  
34R
 
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Originally Posted by novice110 View Post
Question:

Is there anything stopping the QF group from pretending to be one of the potential buyers ?
(Paying someone to do it).

In order to find out in great detail the financials / plans etc.
Put your tinfoil hat back on please
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Old 27th Apr 2020, 09:55
  #208 (permalink)  
 
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THERE HAVE BEEN QUITE A FEW INTERESTING DEVELOPMENTS IN THE ADMINISTRATION PROCESS OF VIRGIN AUSTRALIA, AS THE AIRLINE’S FUTURE HANGS IN THE BALANCE.

After it was originally thought that Virgin’s debt pile was around $5 billion, the administrators at Deloitte have revealed that the total amount owing to creditors is more than $6.8 billion.

According to an affidavit lodged to the Federal Court by Deloitte’s Vaughan Strawbridge last week, secured lenders are owed approximately $2.3 billion, unsecured bondholders are owed approximately $167 million, aircraft lessors are owed approximately $1.9 billion, landlords are owed approximately $71 million, and employees are owed approximately $450 million.

Deloitte has identified that Virgin has more than 10,000 known creditors in total (including approximately 9,020 employees), but expects this number to increase to over 12,000 as more information becomes available.

There has been a bit of speculation around whether unions representing workers will look to try and appoint a rival firm such as KordaMentha to ensure a fair administration process, given Deloitte recently disclosed it had worked with Virgin on other advisory and restructuring work in the past.

However, the Australian Federation of Air Pilots, the Transport Workers Union and the Australian Licensed Aircraft Engineers Association told The Australian that they were satisfied with Deloitte leading administration proceedings.

Meanwhile, one of Virgin’s suitors has told Deloitte, as well as the federal and state governments, that it will provide certainty to the carrier’s staff if its “Team Australia” bid is successful.

According to The Australian Financial Review, BGH Capital has also warned the relevant parties that other private equity firms and hedge funds from overseas may not show as much mercy to Virgin employees.

To further prove BGH is serious about a potential play for Virgin, The Australian reported that firm has has tapped advisory specialists Moelis for a possible recapitalisation of the airline.

It’s been speculated that BGH will make a move for Virgin as part of a consortium rather than going solo, with AustralianSuper popping up in multiple media reports as a likely partner.

And, finally, it appears Paul Scurrah (pictured above) could have a challenger for the top role at Virgin following the administration process, with John Thomas telling the AFR he would throw his hat in the ring for the CEO position if it became available.

Thomas is no stranger to Virgin, having led the airline’s domestic and international operations between 2016 and 2017.
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Old 27th Apr 2020, 10:59
  #209 (permalink)  
 
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Originally Posted by novice110 View Post
Question:

Is there anything stopping the QF group from pretending to be one of the potential buyers ?
(Paying someone to do it).

In order to find out in great detail the financials / plans etc.
Absolutely illegal under the competition act, at very least it would come under unconscionable conduct. Add in being sued out of existence if caught and possible fraud charges. The fake buyer would sign a civil commercial in confidence that they could not discuss the details with a 3rd party or use the information gained in commercial operations
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Old 27th Apr 2020, 11:21
  #210 (permalink)  
 
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You are assuming that one of the Qantas group of companies is not a genuine creditor. I would be willing to bet that QF supplied some service to VAH that they may wish to be paid for. That means they have a place at the table.
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Old 27th Apr 2020, 11:23
  #211 (permalink)  
 
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Thanks rattman...

Was hoping there would be some protection against that idea.

Hopefully nobody leaks the information - you would never know I guess.
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Old 27th Apr 2020, 22:40
  #212 (permalink)  
 
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Of course it will leak and QF will get it if they want it, which I doubt. But by the time it leaks it will be all over one way or another.

Last edited by Sunfish; 27th Apr 2020 at 22:54.
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Old 27th Apr 2020, 22:45
  #213 (permalink)  
 
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Could this be as simple as VA owing money to QF for the use of a ground cart etc?
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Old 27th Apr 2020, 23:56
  #214 (permalink)  
 
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Originally Posted by Tommy Bahama View Post
And, finally, it appears Paul Scurrah (pictured above) could have a challenger for the top role at Virgin following the administration process, with John Thomas telling the AFR he would throw his hat in the ring for the CEO position if it became available. Thomas is no stranger to Virgin, having led the airline’s domestic and international operations between 2016 and 2017.
One would expect Scurrah to be rolled. Being 12 months into the job and not knowing that the airline was as deep in the mire as is now being reported is not a good look. There really isn’t a place in the new Airline, in whatever format that will be, for the current CEO, CFO, COO and Board.
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Old 27th Apr 2020, 23:57
  #215 (permalink)  
 
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Originally Posted by Sunfish View Post
Of course it will leak and QF will get it if they want it, which I doubt. But by the time it leaks it will be all over one way or another.
Administrators reports are made public so they dont have to be leaked, they can down load of the administrators website like everyone 8 days before the final meeting.

I assumed the person was reffering to qantas purposely getting involved as a roadblock / spoilter to prevent someone taking over
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Old 28th Apr 2020, 01:14
  #216 (permalink)  
 
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I was wondering about all that 'commercial in confidence' stuff that won't be in the administrator's report.

Not so much in providing a roadblock, but finding out ALL of the numbers / arrangements the competitor has had in place and will have in place.

Just thought it could be an unfair advantage (free kick) to the QF group - or is this stuff leaked both ways anyway ?



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Old 28th Apr 2020, 01:35
  #217 (permalink)  
 
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Originally Posted by The Bullwinkle View Post

How about this?
I'm starting to think anything is possible.
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Old 28th Apr 2020, 02:05
  #218 (permalink)  
 
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Originally Posted by Paragraph377 View Post
One would expect Scurrah to be rolled. Being 12 months into the job and not knowing that the airline was as deep in the mire as is now being reported is not a good look. There really isn’t a place in the new Airline, in whatever format that will be, for the current CEO, CFO, COO and Board.
And all the assistants, acting assistants, deputy acting assistants, specialist assistants and the rest of the oxygen thieves to those listed above
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Old 28th Apr 2020, 02:55
  #219 (permalink)  
 
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Originally Posted by 2020Balance View Post
And all the assistants, acting assistants, deputy acting assistants, specialist assistants and the rest of the oxygen thieves to those listed above
I dare say that a new ‘mean and lean’ structure will finally see the end of the rewards for mates who have been there from the beginning and it will see the end of a puffed up structure and created roles. Keep the structure clean and lean, pay the pilot group well and have an adequate safety and compliance group. If they are going to compete with JQ they are going to have to be streamlined. No more numpty’s spending their days wandering from floor to floor in the Village chatting in cubicles and in meeting rooms. No more cake celebrations because somebody’s poodle turned 5 or somebody’s toddler did it’s first shit in a proper toilet. Productive work is profitable work. Things will have to change.
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Old 28th Apr 2020, 02:58
  #220 (permalink)  

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Originally Posted by Paragraph377 View Post
I dare say that a new ‘mean and lean’ structure will finally see the end of the rewards for mates who have been there from the beginning and it will see the end of a puffed up structure and created roles.
You must be new to the Aviation industry then...
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