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

[Half Baked]

Sorta sounds familiar to a Wayne Swann announcement of the promised surpluses!

[Chadzat]

Originally Posted by normanton

Oh boy. More debt and inaccurate financial information being given to the ASX. This could get interesting.

Ever heard of a little thing called an exchange rate? A lot of the debt was in $US.

Also employee entitlements are not really a reportable debt when a company is still trading. But it automatically turns into a debt when in administration.

[normanton]

Originally Posted by Chadzat

Ever heard of a little thing called an exchange rate? A lot of the debt was in $US.

Also employee entitlements are not really a reportable debt when a company is still trading. But it automatically turns into a debt when in administration.

So your claiming the extra $2.1b in debt they have uncovered is employee entitlements?

Scurrah is that you?

[Chris2303]

Call it Australian Airlines (oh wait - isn't that owned by QF)
The Koala Carrier
Airlines of the Lucky Country
Air Kangaroo - guaranteed to know your teeth out as we hop down the runway

How am I doing?

Ok - I'll get my jacket

[Paragraph377]

Originally Posted by normanton

Oh boy. More debt and inaccurate financial information being given to the ASX. This could get interesting.

Very interesting. That’s 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 didn’t know the real figures?? Oh well, maybe the return of Neate Keith wasn’t such a Gordon idea. And Stewie, dear oh dear, as COO you also were ‘disconnect’. What a mess.

[Popgun]

Employee entitlements are $450 million according to business journos on the news reports tonight.

With around $7 Billion AUD debt to reconcile with creditors as part of the VA process, the administrator has a gargantuan task ahead of them to get agreement between the players.

PG

[-41]

https://www.abc.net.au/news/2020-04-...-debt/12183344

PER is getting in on the publicity stunts

[Paragraph377]

Originally Posted by -41

https://www.abc.net.au/news/2020-04-...-debt/12183344

PER is getting in on the publicity stunts

The Scottish maggot strikes again! What a disgrace. The Board of Directors should sack him immediately! Is that even legal? Especially if the aircraft isn’t 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!!

[Ragnor]

Full reverse should get that out.

[-41]

Pretty sure QF group owes PER over $11 million in unpaid bills, but parking a JCB in front of a 737 makes for a feel good story.

[babybaby]

Originally Posted by Chris2303

Call it Australian Airlines (oh wait - isn't that owned by QF)
The Koala Carrier
Airlines of the Lucky Country
Air Kangaroo - guaranteed to know your teeth out as we hop down the runway

How am I doing?

Ok - I'll get my jacket

Boomerang?

[SandyPalms]

Love the digger parked in front of the 737. What is that gonna do? They even left enough room for the tug.

[Middle.Marker]

Originally Posted by BNEA320

maybe
but not on every occasion.

Was at SYD one evening few years ago, changing my QF flight at service desk, when all these JQ pax turned up. I think JQ service desk had just palmed them off. .

“one evening a few years ago” - says it all 🙄
Righto.

[RampDog]

Originally Posted by Chris2303

Call it Australian Airlines (oh wait - isn't that owned by QF)
The Koala Carrier
Airlines of the Lucky Country
Air Kangaroo - guaranteed to know your teeth out as we hop down the runway

How am I doing?

Ok - I'll get my jacket

Just call it Tiger, which they bought for $1 and tell Tricky Dick he can keep his logo saving $$$$$$$
The Chinese love tigers..... they just can't eat a whole one in one sitting (I know .... bad Dad joke)

[PPRuNeUser0198]

Could easily be pushed out by people.

[Denied Justice]

There will be no launching in 3 months at this rate - this is heading south at a great rate of knots

[Wizofoz]

They traded with a limited liability company that is now in administration- they are a creditor like anyone else and have no right to take out individual liens.

[exfocx]

Originally Posted by Dale Hardale

Begs the question - if the company is found to be already insolvent, when were the directors first aware that solvency was a real problem and did they act legally ??

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.

[Buttscratcher]

Don't vehicles require certain certification to be Airside?
....maybe they stepped over the line here, and I'd love to see some fines of breaching Air Nav Regs issued to Perth Airport smartasses by CASA

[wondrousbitofrough]

Originally Posted by Buttscratcher

Don't vehicles require certain certification to be Airside?
....maybe they stepped over the line here, and I'd love to see some fines of breaching Air Nav Regs issued to Perth Airport smartasses by CASA

I'd expect that all the vehicles impounding the aircraft would already be part of the airside vehicle fleet