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20 buyers now circling Virgin Australia

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20 buyers now circling Virgin Australia

Old 22nd Jun 2020, 09:36
  #361 (permalink)  
 
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Virgin will go into administration and be slowly dismembered over many years while Deloitte takes all the dough just as Korda Mentha did 20 yrs ago with Ansett.
Wanna bet?

Last edited by Obie; 22nd Jun 2020 at 09:40. Reason: error
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Old 22nd Jun 2020, 09:46
  #362 (permalink)  
 
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Ansett couldn't find a buyer 20 yrs ago when it was offered for $1 so why would anyone buy Virgin with a $7 billion dollar debt!?

One big
difference Sept11 only shut down US airspace for one week, Covid 19 has pretty much shut down the whole planet 4 months and counting.
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Old 22nd Jun 2020, 10:04
  #363 (permalink)  
 
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Virgin will go into administration and be slowly dismembered over many years
They are already in administration. If they are liquidated it will not take years.
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Old 22nd Jun 2020, 11:17
  #364 (permalink)  
 
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Originally Posted by Obie View Post
Ansett couldn't find a buyer 20 yrs ago when it was offered for $1 so why would anyone buy Virgin with a $7 billion dollar debt!?
No one will buy Virgin!
Also 20 years ago there was a market?
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Old 22nd Jun 2020, 11:31
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You could argue it might be a win for the ‘company’. Write off a lot of debt, renegotiate a raft of leases, reshape the business with little anyone can do about it, the government footing some of the bill. Then rebuild it to suit the market as it re-emerges. Not so good for the employees but that isn’t what big business is about.
Most of that Ansett would not have been able to do exactly because there was a competitive market at the time.
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Old 22nd Jun 2020, 11:47
  #366 (permalink)  
 
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Ansett couldn't find a buyer 20 yrs ago when it was offered for $1 so why would anyone buy Virgin with a $7 billion dollar debt!?
Because there won't be 7B worth of debt. Why do you think all the unsecured creditors and bondholders are threatening legal action? They're the ones who will pay for this not the airline. How much they pay is to be decided either by an offer from the new buyer, or if they don't like that deal then from the court.
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Old 22nd Jun 2020, 12:25
  #367 (permalink)  
 
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Cray business world we live in! Rack up a huge debt cry poor go into admin/liquidation all the while the fat cats at the top get their cut full knowing it's going down the toilet! Enter a new buyer, debt wiped to some degree and the creditors get screwed!
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Old 22nd Jun 2020, 15:02
  #368 (permalink)  

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Originally Posted by machtuk View Post
Cray business world we live in! Rack up a huge debt cry poor go into admin/liquidation all the while the fat cats at the top get their cut full knowing it's going down the toilet! Enter a new buyer, debt wiped to some degree and the creditors get screwed!
You forgot the 'act indignant when the Govt. won't bail you out' bit.
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Old 22nd Jun 2020, 20:10
  #369 (permalink)  
 
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With the downgrading of the new VA 's service guess who will be laughing all the way to the Bank?


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Old 22nd Jun 2020, 21:52
  #370 (permalink)  
 
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........How much they pay is to be decided either by an offer from the new buyer, or if they don't like that deal then from the court.
The problem with this if it goes to court is that there is not enough cash to keep the thing running in the event of a protracted dispute. The risk of liquidation is increased ?

Very messy.
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Old 23rd Jun 2020, 01:50
  #371 (permalink)  
 
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Originally Posted by Des Dimona View Post
The problem with this if it goes to court is that there is not enough cash to keep the thing running in the event of a protracted dispute. The risk of liquidation is increased ?

Very messy.
Court proceedings would be very unlikely to delay the progression of the sale. Rule of thumb, if a matter can be resolved by the payment of monies then the courts are generally reluctant to grant interlocutory injunctions.
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Old 23rd Jun 2020, 23:51
  #372 (permalink)  
 
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ex SimpleFlying: Virgin Australia To Stay Based In Queensland Following $138m Offer

Complete Article link here: https://simpleflying.com/virgin-aust...ensland-offer/

An Extract here:

"Both bidders confirm Virgin Australia HQ to stay in Brisbane

Virgin Australia collapsed in April and has since been administered by global insolvency firm, Deloitte. There were some 20 parties initially interested in the airline. Deloitte whittled them down to two; Bain Capital and Cyrus Capital. The administrator confirmed in a statement on Monday that both parties had submitted final, binding bids to buy Virgin Australia.

It is believed the Queensland Government’s investment arm, the Queensland Investment Corporation (QIC), did a deal with both Bain and Cyrus on the weekend. It is reported that QIC offered US$138 million in benefits to keep the airline based in Brisbane and to take a stake in Virgin Australia.

..........."
Rgds all
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Old 24th Jun 2020, 00:27
  #373 (permalink)  
 
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Has there been any word on the future of VARA with the 2 potential buyers?
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Old 24th Jun 2020, 00:33
  #374 (permalink)  
 
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Can't be long now until we know the final result.
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Old 24th Jun 2020, 02:14
  #375 (permalink)  
 
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Any idea yet on the size of the two potential operations?
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Old 24th Jun 2020, 02:38
  #376 (permalink)  
 
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The circus has just begun with the bondholders now making a takeover bid in an attempt to get some return on their investment.

https://www.smh.com.au/business/comp...24-p555mf.html

Last edited by non_state_actor; 24th Jun 2020 at 03:03.
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Old 24th Jun 2020, 09:54
  #377 (permalink)  
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Originally Posted by Fujiroll76 View Post
Has there been any word on the future of VARA with the 2 potential buyers?
single fleet type = No A320, F100 therefore no more VARA based on the bidders press releases.
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Old 24th Jun 2020, 10:03
  #378 (permalink)  
 
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Or sold separately the game is far from played just yet
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Old 24th Jun 2020, 10:05
  #379 (permalink)  
 
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'The circus has just begun................'

Originally Posted by non_state_actor View Post
The circus has just begun................

https://www.smh.com.au/business/comp...24-p555mf.html
Hmmmm- So, ex Mr 'non_state's' quoted SMH article:

Faraday, lead by former Lazard and Goldman Sachs banker Lachlan Edwards and ex-Herbert Smith Freehills partner John Nestel.....
Therefore- we have, Faraday with Corrs Chambers Westgarth (engaged) + the previous experience/background of 'those' involved, ex Lazard & Goldman Sachs, then Freehills- accompanied by a $2Bil exposure...........

Reckon- Mr 'non_state', maybe onto 'something' here.....????

Deploy, The Big-Top...... or not..???

Rgds
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Old 24th Jun 2020, 10:22
  #380 (permalink)  
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Originally Posted by kddk View Post
Or sold separately the game is far from played just yet
either way the A320's and F100's are no more like Tiger & VANZ.
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