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20 buyers now circling Virgin Australia

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20 buyers now circling Virgin Australia

Old 5th Aug 2020, 08:43
  #741 (permalink)  
 
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Parting Tigerair employees will also receive a photo, however it will only be signed by Mr Scurrah.
You really just gotta laugh.
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Old 5th Aug 2020, 09:34
  #742 (permalink)  
 
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The worst part about the photo idea, is that the person that came up with the idea, the exec that signed off on it and then the CEO and Branson are all still getting a fortune in pay. I just dont think it is very tasteful. Obviously not it's intent, but seriously what a silly parting gift.
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Old 5th Aug 2020, 09:48
  #743 (permalink)  
 
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Branson must really have a high opinion of himself if he thinks people who just lost their livelihood would be cheered and deeply treasure a picture personally signed in half a second by someone as esteemed as himself.....
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Old 5th Aug 2020, 10:10
  #744 (permalink)  
 
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Maybe with the looming toilet paper shortage, this will help a bit?
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Old 5th Aug 2020, 10:19
  #745 (permalink)  
 
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I can’t wait to wipe me ass with the RB signed photo, that guy is a flog.
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Old 5th Aug 2020, 10:54
  #746 (permalink)  
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Serious question. Anyone know yet how many flight crew might lose their jobs?

My thoughts to all.
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Old 5th Aug 2020, 11:01
  #747 (permalink)  

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Old 5th Aug 2020, 11:35
  #748 (permalink)  
 
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https://theconversation.com/cutbacks...e-bleak-141876

It eschews what Sunfish has been saying, as well as what I have been expecting.
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Old 5th Aug 2020, 12:00
  #749 (permalink)  
 
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Originally Posted by Servo View Post
https://theconversation.com/cutbacks...e-bleak-141876

It eschews what Sunfish has been saying, as well as what I have been expecting.
Indeed- it does.....
Even before the impact of the COVID-19 pandemic, Virgin had posted years of losses with debts approaching A$7 billion.Private equity owners have a poor track record in creating strong, sustainable companies with long-term prospects. At their worst they can act a bit like used-car salesmen who know how to tart up and turn a profit on a vehicle with underlying mechanical problems.
This line from this mornings ASX Release has 'stuck' with me all-day (Bolding):

o Securing approximately 6,000 jobs when the market recovers with 3,000 roles impacted.......
Today's 'stuff' reads, like a Politicians- 'Press Release' (in my view...., or is 'it'- rewriting the History of it all..???), you just cannot drill/nail any of it- as solid/fact!!!!

rgds/the Best
S28- BE

Last edited by Section28- BE; 5th Aug 2020 at 12:22. Reason: Manners/etc.....
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Old 5th Aug 2020, 12:25
  #750 (permalink)  
 
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Think about 340 B777 and A330 crew and something like 60 ATR. So ~400 redundant. That leaves something in the order of approx 880 B737 and 120 VARA crew at a guess. Someone correct me if they have accurate numbers. Just over 400 went from Tiger and VAINZ.😔
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Old 5th Aug 2020, 13:04
  #751 (permalink)  
 
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Sunfish is the only person on these boards that knows what heís talking about, given todayís events, are we going to start listening to him now?
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Old 5th Aug 2020, 13:30
  #752 (permalink)  
 
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Originally Posted by flamingmoe View Post
Sunfish is the only person on these boards that knows what heís talking about, given todayís events, are we going to start listening to him now?
And the fat lady isnít anywhere near the building yet - let alone warming up her vocal chords 😳😳
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Old 5th Aug 2020, 13:31
  #753 (permalink)  
 
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How about wait for the fat lady to sing mitigating to come
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Old 5th Aug 2020, 13:31
  #754 (permalink)  
 
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3000 jobs is a very conservative, randomly pulled figure. The pitch is to make staff believe on waiting around to be rehired in seniority, renegotiate the EA, drive down the redundancy payments, then slash more jobs.

!
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Old 5th Aug 2020, 13:39
  #755 (permalink)  
 
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Thats if they had the intention of running the airline in the first place... Im sure the loan to VA was a good enough investment for them!

Desperate times, desperate measures rings a bell!

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Old 5th Aug 2020, 13:41
  #756 (permalink)  
 
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now youíre getting warmer.


Originally Posted by Blackout View Post
Thats if they had the intention of running the airline in the first place... Im sure the loan to VA was a good enough investment for them!

Desperate times, desperate measures rings a bell!
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Old 5th Aug 2020, 21:35
  #757 (permalink)  
 
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How many 737 crew will go?
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Old 5th Aug 2020, 22:34
  #758 (permalink)  
 
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Originally Posted by Section28- BE View Post
Today's 'stuff' reads, like a Politicians- 'Press Release' (in my view...., or is 'it'- rewriting the History of it all..???), you just cannot drill/nail any of it- as solid/fact!!!!

rgds/the Best
S28- BE
Spot on. I was thinking exactly the same thing. The oft repeated caveat for the 6,000 jobs of 'when the market recovers' raises two questions; when do you expect the market to recover? and what about job numbers in the meantime? On the former, there's perhaps some guidance in the ASX release;
Demand for domestic and short haul international travel is likely to take at least three years to return to pre-COVID-19 levels, with the real chance it could be longer ...
So what's that mean for the 6,000 jobs? I suspect that they will leave as many stood down, either on JobKeeper or not, for as long as possible. If that's the case and it's going to be three years till they have 6,000 people back at work then this announcement has just set them up for a world of hurt.

Any hopes that voluntary administration might have cured Scurrah of his spiv-like, walk both sides of the street BS evaporated with yesterday's press conference. If he's still CEO come Christmas, I'll be surprised.
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Old 5th Aug 2020, 22:47
  #759 (permalink)  
 
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The ASX statement was motherhood - technically it is full of nominative - words that can mean anything in the mind of the reader.

This is not criticism. It is difficult to understand what else you could write in the current situation. There is too much uncertainty.

The thing at the moment is to pull off a creditors meeting and approval of a DOCA. I guess you would want to keep the staff hanging on until then or the business implodes. You need a core of people who know what they are doing to run the airline.

I would imagine creditors like Western Union, who lease engines, would be being sounded out on renegotiating the leases at a very reduced rate, as would the rest of the lessors.
From reading a few lines of the court documents, this is a lawyers feast.
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Old 6th Aug 2020, 01:30
  #760 (permalink)  
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Here is an interesting note on how many B737s Virgin Australia will actually be flying.

As to the number of Boeing 737s that'll be in the hangars, "how many we are taking through and how many we will need in the future is still a work in progress," Scurrah said.
However, he qualified that "at the end of this pandemic, once we get back to pre-Covid FY19 levels, we see a market that could sustain us having 60-80 Boeing 737s in our fleet," implying that the reboot fleet will be substantially lower.
Virgin owns some 40 Boeing 737s, all of which will likely remain on deck, and this will be supplemented by some leased aircraft – leaving the door open to cherry-picking the best deals from among the current roster of leasing companies who hold the keys to another 40 Boeing 737s.
"We're renegotiating aircraft lease rates with our lessors," Scurrah revealed, "and those lease rates will be different to what we had previously." He added that at least from an operational perspective, the airline's financial problems "were about onerous contracts and a complicated fleet."
So Virgin Australia will have somewhere north of the 40 they own and obviously would be planning for more otherwise why would they be having discussions with leasing companies?

This is from the ET story at https://www.executivetraveller.com/n...s-some-lounges
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