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20 buyers now circling Virgin Australia

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20 buyers now circling Virgin Australia

Old 4th Aug 2020, 23:09
  #721 (permalink)  
 
Join Date: Jul 2007
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ex ASX: ASX RELEASE Virgin Australia Holdings.......

ASX Link here: https://www.asx.com.au/asxpdf/202008...hmj7fsgdg4.pdf

Extract:

VIRGIN AUSTRALIA GROUP ANNOUNCES PLAN TO FOCUS ON CORE STRENGTHS, RE-ESTABLISHING ITSELF AS AN ICONIC AUSTRALIAN AIRLINE

Key points:
•Plan for a stronger, more profitable and competitive Virgin Australia coming out of voluntary administration
•Focus on delivering exceptional experiences at great value with Virgin Australia’s core domestic and short-haul international business
•Virgin Australia to provide customers with the value of travel credits post administration with validity dates extended for bookings made prior to administration
•Resetting Virgin Australia to meet lower global and Australian demand, including:
o Reduction in cost base to meet sector uncertainty and COVID-19 market conditions
o Securing approximately 6,000 jobs when the market recovers with 3,000 roles impacted
o Simplified all-Boeing 737 mainline fleet and the retention of the regional and charter fleet, but removing ATR, Boeing 777, Airbus A330 and Tigerair Airbus A320 aircraft types
o Long-haul international flying important part of plan but suspended until global travel market recovers
o Tigerair Australia brand discontinued with Air Operator Certificate (AOC) and necessary support maintained to provide option for ultra-low-cost operations when market recovers
o Continued commitment to regional and charter flying.

5 August 2020: The Virgin Australia Group (ASX: VAH) has announced a plan for a stronger, more profitable and competitive business, building on its unique culture and securing approximately 6,000 jobs as it prepares to exit voluntary administration under the ownership of Bain Capital.............
rgds
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Old 4th Aug 2020, 23:34
  #722 (permalink)  
 
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Good luck with that. Of course I feel for the staff.

Socks and thongs, do you have any sympathy for the creditors? Didn’t think so........

‘Any idea of the brutal machinations that underpin the beautiful statement to the ASX? Probably not....
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Old 4th Aug 2020, 23:42
  #723 (permalink)  

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Tigerair Australia brand discontinued with Air Operator Certificate (AOC) and necessary support maintained to provide option for ultra-low-cost operations when market recovers
What does 'necessary support' mean?
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Old 4th Aug 2020, 23:49
  #724 (permalink)  
 
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Originally Posted by Buster Hyman View Post
What does 'necessary support' mean?
I assume to maintain the AOC.
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Old 4th Aug 2020, 23:57
  #725 (permalink)  

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Originally Posted by Blackout View Post
I assume to maintain the AOC.
Yes, but what does it entail? Admin, nominated CP, Insurance?
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Old 5th Aug 2020, 00:01
  #726 (permalink)  
 
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What does any of it mean? There is nothing in there that hasn't been in general circulation for the past 4 months anyway. All it does is give the staff further anxieties about what their future looks like. Where do the wide body pilots think they fit into all this? It would be an optimistic person that thinks that a surplus of 737 pilots are simply going to make way for 777 and A330 pilots who have to be retrained. It still reminds me of the 2 class low cost model that was spruiked by Lew and Fox supported by Korda-Mentha. Basically Bain thinks they will be attracting some customers from the premium end of the market and some customers from the low cost end. Weren't Bain going to ditch the lounges and the frills? Good luck to the staff but all I can recommend is don't hold on too tight to the memories of the airline you once worked for.
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Old 5th Aug 2020, 00:17
  #727 (permalink)  
 
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+1 lookleft
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Old 5th Aug 2020, 00:42
  #728 (permalink)  
 
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Originally Posted by Sunfish View Post
One mystery is revealed; Goldman Sachs (aka the vampire squid) is working with Bain. That tells you where the money is from.
Mystery?! Seriously?

Goldman Sachs involvement in the Bain bid has been public knowledge since late May - https://www.afr.com/street-talk/bain...0200524-p54vz9

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Old 5th Aug 2020, 00:56
  #729 (permalink)  
 
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Thank you mick.
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Old 5th Aug 2020, 01:09
  #730 (permalink)  
 
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Lookleft, B777 and A330 pilots cannot displace 737 crew. That is explicitly stated in the relevant EBAs. The only question is, if 737 crew are made redundant as well, in what order are the crew reemployed. The EBAs state that a redundant pilot maintains their seniority for 5 years from the date of redundancy, so in that scenario a WB pilot could be rehired on to the 737 ahead of a redundant 737 pilot. But that’s for the Unions to negotiate with the Company I guess.
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Old 5th Aug 2020, 01:13
  #731 (permalink)  
 
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I donít think there will be much re hiring until the back half of the decade.

So has there been any internal comms? Is it as simple as if your an 330, 777, ATR pilot your made redundant Pilots/cabin/engineers?

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Old 5th Aug 2020, 01:26
  #732 (permalink)  
 
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Originally Posted by slice View Post
Lookleft, B777 and A330 pilots cannot displace 737 crew. That is explicitly stated in the relevant EBAs. The only question is, if 737 crew are made redundant as well, in what order are the crew reemployed. The EBAs state that a redundant pilot maintains their seniority for 5 years from the date of redundancy, so in that scenario a WB pilot could be rehired on to the 737 ahead of a redundant 737 pilot. But thatís for the Unions to negotiate with the Company I guess.
There is another issue at play here. Assuming this all goes ahead with Bain, the cost reduction implementations will in effect be primarily maintaining currency with B737 Flight Crew currently 'Stood Down'. The 'Standing Up' of Pilots that are 'Out Of Currency', will be the contentious issue for the immediate future moving forward. For this reason, retraining a Wide Body Pilot to a Narrow Body Pilot, in my opinion, is not foreseeable. Having said that, stranger things have happened at VA.

Im sure the new EA they keep pushing for will see some 'greater flexibility', just incase you haven't been flexed enough already.
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Old 5th Aug 2020, 01:26
  #733 (permalink)  
 
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Bain will go the cheapest way which will be to employ VA Mark 1 737 Endorsed and current pilots,part-time.No retraining needed and flying will increase as demand increases.
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Old 5th Aug 2020, 04:04
  #734 (permalink)  
 
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At least they will get a photo 👍
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Old 5th Aug 2020, 04:14
  #735 (permalink)  
 
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employ VA Mark 1 737 Endorsed and current pilots,part-time
How many are now "current?
Why part time? Is that in the EBA?
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Old 5th Aug 2020, 04:24
  #736 (permalink)  
 
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Originally Posted by Icarus2001 View Post
How many are now "current?
Why part time? Is that in the EBA?
Part time is in the EA, but in a more normal World it would be in the form of an application by the pilot and subject to the approval of the company.

It may now be a way to keep as many pilots employed as possible while having the ability to draw on a greater pool of current drivers when the demand requires. Frankly given the circumstances, I would grab it and pray this whole thing comes off?
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Old 5th Aug 2020, 04:29
  #737 (permalink)  
 
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Originally Posted by Double_Clutch View Post
At least they will get a photo 👍
Couldn't believe that, when I read it. Woohoo a signed photo. F$%K me, they still cannot do anything with professionalism and grace.
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Old 5th Aug 2020, 05:37
  #738 (permalink)  
 
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That is out there......, no doubt about it.

Link in case anybody wants to read/experience it, for themselves: https://www.news.com.au/travel/trave...0109ba3f155781

rgds all
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Old 5th Aug 2020, 08:08
  #739 (permalink)  
 
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I'd suggest a ceremonial burning but it won't be much of a fire...
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Old 5th Aug 2020, 08:30
  #740 (permalink)  
 
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Ya couldn't make this 5hit up, seriously
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