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20 buyers now circling Virgin Australia

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20 buyers now circling Virgin Australia

Old 29th Jun 2020, 17:46
  #521 (permalink)  
 
Join Date: Sep 2002
Location: Australia
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Originally Posted by Buster Hyman View Post
I put it into Google Translate & got a Beatles record playing backwards...
I did the same thing and got Queen’s “Another one bites the dust” playing backwards!!!
The Bullwinkle is offline  
Old 29th Jun 2020, 20:27
  #522 (permalink)  
 
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Originally Posted by The Bullwinkle View Post
I did the same thing and got Queen’s “Another one bites the dust” playing backwards!!!
You guys have finally cracked the code - congrats!
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Old 30th Jun 2020, 03:41
  #523 (permalink)  
-41
 
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Originally Posted by airdualbleedfault View Post
Piggy is correct, 73 can't lift the loads the 320 can out of the hot/high strips. Sure get Alliance to do it, obviously 2 Dutch ovens are cheaper to run than one Bus, lol
nice troll. try 26K
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Old 2nd Jul 2020, 05:26
  #524 (permalink)  
 
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https://www.afr.com/companies/transp...box=1593587766

Virgin Australia handed over to Bain

Lucas BairdReporterUS private equity giant Bain Capital has formally taken control of Virgin Australia and started paying the distressed airline's bills, as of Wednesday, with concerns growing among trade unions that the new owner may renege on some of its promises to workers.Neither Bain Capital nor Virgin would comment when contacted by The Australian Financial Review, although conversations between the pair are continuing over precisely what the relaunched operation looks like.
Trade unions, which are representing Virgin's 9000 staff, are increasingly worried that Bain Capital may not adhere to promises issued to the workforce. James Brickwood

And - as predictions circle about Bain Capital cutting up to 5000 staff - Transport Workers' Union national secretary Michael Kaine feared the buyer could institute a "cut-throat regime".

"This sale will have a profound impact on thousands of committed Virgin workers and the travelling public," he said.

"We need right-minded people at the helm who care about shaping the future of the airline, rather than implementing a cut-throat regime."

Worries among the trade unions, which are representing Virgin's 9000 staff during the voluntary administration procedure, are growing that Bain Capital may not adhere to promises issued to the workforce.

"Bain made important workforce commitments prior to its announcement as recommended bidder, and these must be honoured," Mr Kaine said.

Bain Capital's bid included commitments to pay all $450 million of owed worker entitlements, give staff staying with the business equity in the new airline, and retrain staff facing redundancy.

One union source felt Bain and its representatives were softening them up to renege on some of its commitments by saying the situation at Virgin was significantly worse than initially believed.

There are additional concerns among the group because of the involvement of ex-Jetstar boss Jayne Hrdlicka, who is likely to take a leadership role at Virgin 2.0.

The union source felt Ms Hrdlicka would likely approach the bargaining table in a disingenuous and narrow-minded manner due to her history at Qantas, which has a history of bad blood with unions and infamously grounded the airline and locked out workers during a 2011 industrial dispute.

Ms Hrdlicka, who is also a former Bain & Company consultant, also did not attend meetings with the unions - at their request - in the week before Bain Capital lodged its final offer for Virgin with the airline's administrator, Deloitte.

Meanwhile, discussions continue between Bain Capital and Virgin Australia's management team about the new-look airline.

The fleet will likely be simplified to focus purely on the single-aisle Boeing 737 jets, while the number of operational aircraft is expected to be halved to around 70 planes.

Bain Capital has issued its support for current chief executive Paul Scurrah and his team, meaning they are likely to keep their jobs.

The Virgin Australia branding is also expected to remain, as the Virgin Group looks to take an equity stake in the relaunched airline.
Virgin Australia first entered voluntary administration in April, with the COVID-19 pandemic proving a step too far for the heavily geared company.

The airline appointed Deloitte as its administrator, which on Tuesday warned shareholders – including the five foreign carriers invested in Virgin - would see nothing from the sale.

Etihad Airways, which has held a stake of more than 20 per cent in Virgin since 2015, said it remained committed to the Australian market even though its investment would be wiped out.

"Etihad was not in a position to infuse further funds into Virgin Australia or participate in the bidding process under voluntary administration," an Etihad spokesman said.

"We are pleased that Bain Capital has been confirmed as the successful bidder, securing the future for Virgin Australia and its employees.

"Etihad remains committed to its commercial co-operation with Virgin Australia ... Australia remains an important market for Etihad. As a long-term partner of Virgin Australia, we will continue to pursue opportunities to create value for our joint customers."
Icarus2001 is offline  
Old 2nd Jul 2020, 06:22
  #525 (permalink)  
 
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You were warned.
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Old 2nd Jul 2020, 06:42
  #526 (permalink)  
 
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So now that Bain have taken over, are the employees eligible for job keeper? Bain is a foreign company
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Old 2nd Jul 2020, 06:45
  #527 (permalink)  
 
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Originally Posted by Sunfish View Post
You were warned.
Not a great deal "we" can do about it, now is there! Not many options on the table. Stating the obvious, I think Mr. Sunfish, but a VERY LARGE number of the staff have no alternative, or other companies to work for.

But of course, people of your management position and ilk will still walk away with millions and a pat on the back, for doing a pathetic job. Just look at JB.
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Old 2nd Jul 2020, 06:46
  #528 (permalink)  
 
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Originally Posted by Sunfish View Post
You were warned.
So what are the staff going to do Sunfish? Quit in protest?
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Old 2nd Jul 2020, 06:47
  #529 (permalink)  
 
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Originally Posted by Ragnor View Post
So now that Bain have taken over, are the employees eligible for job keeper? Bain is a foreign company
This question keeps cropping up, been answered before. If it is owned by a foreign government, then no, not entitled to job keeper. In saying that, I have not seen a link or reference to that. I hope we continue getting it, that is all we have at the moment.
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Old 2nd Jul 2020, 07:33
  #530 (permalink)  
 
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The competitive process?

20 buyers 'circling Virgin'

Deloitte narrows down to Two.

One pulls out, the other wins by default.

Fast sale for a company that was nearly trading insolvent.

Deloitte/VA so happy with the outcome of the process (Pats on Backs).

The competitive process complete!





Blackout is offline  
Old 2nd Jul 2020, 07:49
  #531 (permalink)  
 
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It was trading insolvent. For years.
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Old 2nd Jul 2020, 07:53
  #532 (permalink)  
 
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Originally Posted by zanthrus View Post
It was trading insolvent. For years.
Just for your info:

https://asic.gov.au/regulatory-resou...lvent-trading/

Happy reading
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Old 2nd Jul 2020, 09:28
  #533 (permalink)  
 
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One pulls out, the other wins by default.
One pulls out, knowing the race had already been won...

fixed it for you
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Old 2nd Jul 2020, 10:26
  #534 (permalink)  
 
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Originally Posted by Ragnor View Post
So now that Bain have taken over, are the employees eligible for job keeper? Bain is a foreign company
Would you rather Virgin employees not be eligible and be entitled to zero pay? Is that what you are driving at?
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Old 2nd Jul 2020, 10:50
  #535 (permalink)  
 
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Servo, keep looking for another job.
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Old 2nd Jul 2020, 10:55
  #536 (permalink)  
 
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Originally Posted by Sunfish View Post
Servo, keep looking for another job.
in case you haven’t noticed, there’s none around, so your advice is less than useless.
also, whilst you have had a poor experience with Private Equity, there’s plenty of success stories too.
you’ve said your bit, made your warning, now how about you either just be happy that 5000 + people aren’t looking like having to join the bread line. Their (and their families) chances of a good future are an order of magnitude better than they were looking just a few weeks ago. Or just do what you said you we’re going to a few weeks back and just f ****K off
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Old 2nd Jul 2020, 10:56
  #537 (permalink)  
 
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Originally Posted by Sunfish View Post
You were warned.
Warning heeded, over and over and over...and yet no matter how many times people warn us we still have no choice and zero say in the matter.
Boeingpilot738 is online now  
Old 2nd Jul 2020, 11:12
  #538 (permalink)  
 
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Chock cooker, I fully intend to eff off. I say again. Even if you have a job at Virgin, look for something else. Out.
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Old 2nd Jul 2020, 11:22
  #539 (permalink)  
 
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Originally Posted by Taggert View Post
Would you rather Virgin employees not be eligible and be entitled to zero pay? Is that what you are driving at?
No not at all. Just a general question.
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Old 2nd Jul 2020, 11:56
  #540 (permalink)  
 
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The union person leaking this dribble ( it ain’t intell) would be familiar to many at Qantas and he is making a right tool of himself at the moment looking for payback for himself. Like everyone else he has no idea what Bain are going to do. Like all companies who were going to bail VA out there was always going to be cuts, just like EVERY other airline in the world. None of that result was brain surgery. Indeed there were sone big cuts before it went into VA.
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