Go Back  PPRuNe Forums > PPRuNe Worldwide > Australia, New Zealand & the Pacific
Reload this Page >

"Virgin Australia Mk II could launch in as little as three months"

Australia, New Zealand & the Pacific Airline and RPT Rumours & News in Australia, enZed and the Pacific

"Virgin Australia Mk II could launch in as little as three months"

Old 24th Apr 2020, 11:07
  #61 (permalink)  
 
Join Date: Oct 2013
Location: New Zealand
Age: 69
Posts: 319
Apparently the CEO has been hated at every airport he works at. All he does is put up fees and charges, increase rent and lease prices and gouges the car parking prices. He also gets rid of most male managers and replaces them with females becuase he is scared of being outshone by more capable men. Real weakling of a man. The Board should sack him.
Paragraph377 is offline  
Old 24th Apr 2020, 11:15
  #62 (permalink)  
 
Join Date: May 2000
Location: mars (Celebrating 20 years on PPRUNE)
Posts: 49
impressive

Wow.
For a pilots rumour network forum there sure are a lot of administrators on here.

ifylofd is offline  
Old 24th Apr 2020, 12:33
  #63 (permalink)  
 
Join Date: Jun 1999
Location: YBBN
Age: 47
Posts: 37
Originally Posted by exfocx View Post
You're only trading insolvent when you cannot pay your debts as and when they fall due. They allegedly had cash in the bank close to 1 bil so I doubt they were trading insolvent. A number of comments in the media made the point that if they whittled that cash position down before seeking out a buyer it would die, thus, I guess, they chose to enter vol admin to make it as attractive as possible with the best chance of preventing its collapse.

Edit: as of 5.02 (EST I guess) SMH reports the Admin claims 7B in debt in submitted court docs.
They can't pay their debts when asking employees to take leave at rates of less than 100%

JetFixer is offline  
Old 24th Apr 2020, 12:43
  #64 (permalink)  
 
Join Date: May 2005
Location: QLD - where drivers are yet to realise that the left lane goes to their destination too.
Posts: 2,662
Perth Airport said this was standard practice.
Maybe at PER, not sure about anywhere else.

Traffic_Is_Er_Was is offline  
Old 24th Apr 2020, 12:56
  #65 (permalink)  
 
Join Date: Dec 2001
Location: Brisvegas
Posts: 3,188
Canberra airport did the same thing to a QF aircraft in 2018 allegedly.

https://australianaviation.com.au/20...olute-baloney/

https://www.dailymail.co.uk/news/art...ld-ransom.html

https://www.canberratimes.com.au/sto...omali-pirates/
Icarus2001 is offline  
Old 24th Apr 2020, 12:57
  #66 (permalink)  
 
Join Date: Sep 2009
Location: In a house
Posts: 402
I think heís just pissed that no one is really using T1&T2 and T3&4 is rolling along doing itís thing.

Thatíll be salt in the sore wound in the QF spat.
Blueskymine is offline  
Old 24th Apr 2020, 13:03
  #67 (permalink)  
 
Join Date: Dec 2001
Location: Brisvegas
Posts: 3,188
they are a creditor like anyone else and have no right to take out individual liens.
Ah that may be but possession is NOW, court decisions have the annoying habit of going the wrong way.
Icarus2001 is offline  
Old 24th Apr 2020, 13:06
  #68 (permalink)  
 
Join Date: Apr 2014
Location: Melbourne
Posts: 230
Originally Posted by Paragraph377 View Post
The Scottish maggot strikes again! What a disgrace. The Board of Directors should sack him immediately! Is that even legal? Especially if the aircraft isnít fully owned by the airline, or there is a lean on the aircraft, engines sometimes owned by a third party and fuselage owned by another third party? Aircraft ownership can be complex. Obviously Kevin Browns airport profits come before 10,000 unemployed people! Remember his name people. Disgraceful!!
I don't think that's legal, and when the Administrator goes to court to extract the aircraft so the leases can be terminated, the airport will be forced to let them go.

Anyway, what happened to airlines getting a full refund on navigation and landing charges as part of the Corona stimulant package?
Pearly White is offline  
Old 24th Apr 2020, 13:10
  #69 (permalink)  
 
Join Date: Aug 2018
Location: Somewhere
Posts: 121
The CEO will be starring in the next episode of 'airplane repo' if the aircraft are owned by a leasing company though.

I think it is just a publicity stunt, and has zero legal weight. Perth Airport can stand in line like everyone else.
non_state_actor is offline  
Old 24th Apr 2020, 13:10
  #70 (permalink)  
 
Join Date: Apr 2014
Location: Melbourne
Posts: 230
Originally Posted by ifylofd View Post
Wow.
For a pilots rumour network forum there sure are a lot of administrators on here.
Most pilots on here would probably have been through at least one administration.
Pearly White is offline  
Old 24th Apr 2020, 14:55
  #71 (permalink)  
 
Join Date: Apr 2011
Location: 1alpha
Posts: 60
Originally Posted by Paragraph377 View Post
Very interesting. Thatís a big difference from what they originally mentioned. Makes you wonder how an asministrator can work out a more accurate assessment of how much debt the company is in within a week, yet the Board who have been there for years and a CEO who who has been there for over a year didnít know the real figures?? Oh well, maybe the return of Neate Keith wasnít such a Gordon idea. And Stewie, dear oh dear, as COO you also were Ďdisconnectí. What a mess.
Bring back Manny Gill the yield and hedging king. Give Stewie a touch up. Baaaahaaa
2020Balance is offline  
Old 24th Apr 2020, 14:59
  #72 (permalink)  
 
Join Date: Nov 2006
Location: Tropics
Posts: 332
Originally Posted by ifylofd View Post
Wow.
For a pilots rumour network forum there sure are a lot of administrators on here.
And a lot who think they know how to run airlines as well.
dream747 is offline  
Old 24th Apr 2020, 15:24
  #73 (permalink)  
 
Join Date: Jan 2007
Location: Sydney
Posts: 139
Originally Posted by dream747 View Post
And a lot who think they know how to run airlines as well.
As opposed to what, the VA management team who are brilliant at it?

das Uber Soldat is offline  
Old 24th Apr 2020, 23:20
  #74 (permalink)  
 
Join Date: Aug 2007
Location: Australia
Age: 80
Posts: 242
It’s all a bit silly really.
According to the ABC news one of the aircraft does not have engines and another has landing gear issues so they are not worth much at all.
also in one of the photos the heavy machinery is parked in front of the B737 which is at the gate. Obviously the bright spark who put it there hasn’t heard of pushback!
Doesn't Sind like much thought has been given to this at all, mainly publicity stunt.
RodH is offline  
Old 24th Apr 2020, 23:58
  #75 (permalink)  
 
Join Date: Sep 2018
Location: Melbourne
Posts: 3
After reading thru this thread it would read like a fictional disaster if being read 6 months ago! Back then one would have been laughed out of this forum even postulating it, you couldn't have dreamed this stuff up if ya tried, funny how life turns out!-)
machtuk is offline  
Old 25th Apr 2020, 00:07
  #76 (permalink)  
 
Join Date: Nov 2000
Location: ._..._...
Posts: 304
Originally Posted by RodH View Post
Itís all a bit silly really.
According to the ABC news one of the aircraft does not have engines and another has landing gear issues so they are not worth much at all.
also in one of the photos the heavy machinery is parked in front of the B737 which is at the gate. Obviously the bright spark who put it there hasnít heard of pushback!
Doesn't Sind like much thought has been given to this at all, mainly publicity stunt.
I don't think it has landing gear issues, I'm pretty sure it's just been sealed up for longer term storage with tape and plastic.
vee1-rotate is offline  
Old 25th Apr 2020, 01:10
  #77 (permalink)  
 
Join Date: Oct 2014
Location: Margaritaville
Posts: 60
How is it possible that an a board and ELT (some of whom have been there for years). A CEO who has been there for a year, Can seriously go to the government asking for 1.4B and they don't even know how much they already owe??? Seriously WTF! Surely the first thing you would do after joining a company notoriously addicted to borrowing money and being in hock to the eyeballs would be to find out how bad the situation is? AND it was so bad it only took your administrator ONE WEEK to find 2 BILLION DOLLARS that no one knew about.

Who on earth does that make sense too? Was administration part of the plan all along or are they all just incompetent or stupid or both? Surely there has to be some sort of enquiry? This just doesn't add up.

Had the Govt. stumped up the cash that would have but them in the debt ballpark of 8.4B. I would love to know how on earth any of them had a plan to pay that back. Especially with the same Villiage idiots who put it there in the first place still running amok.
Tommy Bahama is offline  
Old 25th Apr 2020, 01:26
  #78 (permalink)  
 
Join Date: Jan 2012
Location: Home
Posts: 68
Originally Posted by Traffic_Is_Er_Was View Post
Maybe at PER, not sure about anywhere else.
Airports in the UK and Europe made similar moves when Flybe, Thomas Cook, Monarch, etc all collapsed.
regional_flyer is offline  
Old 25th Apr 2020, 01:31
  #79 (permalink)  
 
Join Date: Sep 2011
Location: Unfortunately not the Orient
Posts: 308
Originally Posted by Tommy Bahama View Post
How is it possible that an a board and ELT (some of whom have been there for years). A CEO who has been there for a year, Can seriously go to the government asking for 1.4B and they don't even know how much they already owe??? Seriously WTF! Surely the first thing you would do after joining a company notoriously addicted to borrowing money and being in hock to the eyeballs would be to find out how bad the situation is? AND it was so bad it only took your administrator ONE WEEK to find 2 BILLION DOLLARS that no one knew about.

Who on earth does that make sense too? Was administration part of the plan all along or are they all just incompetent or stupid or both? Surely there has to be some sort of enquiry? This just doesn't add up.

Had the Govt. stumped up the cash that would have but them in the debt ballpark of 8.4B. I would love to know how on earth any of them had a plan to pay that back. Especially with the same Villiage idiots who put it there in the first place still running amok.
This PS bloke seems to be oblivious to everything. What else will show up as the administrators dig deeper. This gets worse by the day.
SandyPalms is offline  
Old 25th Apr 2020, 02:25
  #80 (permalink)  
 
Join Date: Jan 2020
Location: Cill
Posts: 27
Had the Govt. stumped up the cash that would have but them in the debt ballpark of 8.4B. I would love to know how on earth any of them had a plan to pay that back. Especially with the same Villiage idiots who put it there in the first place still running amo
You get to own your own slice after 3 years. What a deal.
ShandywithSugar is offline  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.