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20 buyers now circling Virgin Australia

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20 buyers now circling Virgin Australia

Old 6th Aug 2020, 06:04
  #761 (permalink)  
 
Join Date: Feb 2006
Location: Bottom of the Harbour
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Scurrah on record today saying that they hope to invite 2000 staff back after the industry recovers from the pandemic.

Seems like 6000 will only be the 'best case' scenario when the industry returns to pre COVID-19 levels (including international).....Seems like job information losses is being drip fed slowly to prevent hysteria.

Bain are starting to show their hand, seems like the airline will be operating at 25% after the recovery has commenced.
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Old 6th Aug 2020, 06:04
  #762 (permalink)  
 
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https://www.smh.com.au/business/comp...06-p55j4g.html

Food for thought.

The outlook is bleak which ever way you want to interpret it.
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Old 6th Aug 2020, 06:43
  #763 (permalink)  
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VIPA: Approximately 400 of the 1400 remaining Virgin Australia Group pilots to be made redundant
https://centreforaviation.com/news/v...undant-1015922
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Old 6th Aug 2020, 07:08
  #764 (permalink)  
 
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ex ABC News: Paul Scurrah interview....

Extract:
Virgin Australia's Paul Scurrah says he'll be staying on as the company revealed plans to make about a third of its workforce redundant, with approximately 3,000 jobs expected to go under new owners Bain Capital, while 6,000 staff remain.
Interview here:


This is somewhat instructive in parts (in my view)- maybe, worth a watch if you missed it...??

The whole situation/process would seem somewhat/very 'fluid', for want of a term.

rgds all
S28- BE
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Old 6th Aug 2020, 07:53
  #765 (permalink)  
 
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Ive heard this 'strong balance sheet moving forward' being touted around lately. The fact is, the company is still in debt somewhat and will need to service those debts somehow.

If 'Value' airfares is the pitch...Well the grass better be green!!

There is going to be strong competition, a reluctance of people to travel due to CV19 and combined with a tarnished reputation, will not make it easy for VA to achieve any form of profitability.

Seems like Bain are just 'winging' it everyday.
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Old 6th Aug 2020, 14:42
  #766 (permalink)  
 
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My gut feel - not recommendation, is that if I was in the position of VB staff, I would not be waiting around for the that tap on the shoulder from the new owners. I would be looking for something new and VB coming up with an offer would be an extra present.

This is based on my own experience. 18 months unemployed in 89/90. I spent 12 months of that chasing willow the whisp “opportunities “ put to me by “friends” that were a waste of time, to put it politely. If I were Virgin staff, I would kiss it goodbye, look for something else and then be pleasantly surprised if Virgin/Bain knocked on the door.

The alternative is sitting at home, getting depressed while you wait for the phone to ring. It won’t. Get out and think of something else. it’s healthier and might be more profitable.

Whatever you do, don’t let the grass grow under your feet. Forget VB until they come for you with $$$.
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Old 6th Aug 2020, 14:44
  #767 (permalink)  
 
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Originally Posted by Blackout View Post
Ive heard this 'strong balance sheet moving forward' being touted around lately. The fact is, the company is still in debt somewhat and will need to service those debts somehow.

If 'Value' airfares is the pitch...Well the grass better be green!!

There is going to be strong competition, a reluctance of people to travel due to CV19 and combined with a tarnished reputation, will not make it easy for VA to achieve any form of profitability.

Seems like Bain are just 'winging' it everyday.
With no wide-body aircraft left, there will be no international future for VA, except across the ditch and some shorthaul Asian destinations... Bain and PS have already said they want a pure 737 fleet - everything else will be a codeshare
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Old 6th Aug 2020, 15:50
  #768 (permalink)  
 
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VB staff
. There haven't been any VB staff for 9 or so years. As for looking for
something new
I think you'll find it's hard enough hanging on to anything old. Just to be clear, all Widebody (777 & 330) and ATR crew are redundant leaving approx 880 B737 and 120 VARA crew. Bain may try to sell VARA as a going concern to another FIFO operator. Some VR may be offered to 737 crew (close to retirement etc.) but the rest will, I imagine, hang on tight even if stood down as there is absolutely nothing else out there (at least flying wise).
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Old 6th Aug 2020, 22:43
  #769 (permalink)  
 
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I know it’s not easy Slice, especially not with Covid, but for your own sanity you need to get up every day and do something positive. Even walk into a business where you think you might like to work and ask straight out for a job. Whatever you do, don’t sit around waiting for the phone to ring. Anything is better than doing nothing.
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Old 6th Aug 2020, 23:00
  #770 (permalink)  
 
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Originally Posted by Section28- BE View Post
Extract:


Interview here:

https://www.youtube.com/watch?v=7DyjC7_HygM

This is somewhat instructive in parts (in my view)- maybe, worth a watch if you missed it...??

The whole situation/process would seem somewhat/very 'fluid', for want of a term.

rgds all
S28- BE
2:40 "We'll carry very little, if any debt ..."

I don't think this bloke understands the basics of business accounting. I would be very surprised if they don't emerge with around $2 - $2.5 billion in debt and liabilities on their balance sheet coming out of this, maybe even a smidge more. Bain are not going to be able to negotiate away the entire $6.9 billion in debts and liabilities. Coming into administration the business had $2.3 billion in secured debt and $1.9 billion in aircraft leases. A little of the 2.3 might be negotiated away but something in the order of $2 billion will need to be refinanced. The aircraft leases will probably come down to around $250 million so there's $2.2-ish billion in aggregate for the emerged business. What should be markedly lower are the financing cost and leasing cost lines that will hit the P&L.

It may be just me but every time I hear that bloke talking about the business I feel far less certain that it has a reasonable future.

Last edited by MickG0105; 7th Aug 2020 at 02:18. Reason: Typo
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Old 6th Aug 2020, 23:32
  #771 (permalink)  
 
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Originally Posted by Sunfish View Post
My gut feel - not recommendation, is that if I was in the position of VB staff, I would not be waiting around for the that tap on the shoulder from the new owners. I would be looking for something new and VB coming up with an offer would be an extra present.

This is based on my own experience. 18 months unemployed in 89/90. I spent 12 months of that chasing willow the whisp “opportunities “ put to me by “friends” that were a waste of time, to put it politely. If I were Virgin staff, I would kiss it goodbye, look for something else and then be pleasantly surprised if Virgin/Bain knocked on the door.

The alternative is sitting at home, getting depressed while you wait for the phone to ring. It won’t. Get out and think of something else. it’s healthier and might be more profitable.

Whatever you do, don’t let the grass grow under your feet. Forget VB until they come for you with $$$.
That's the thing Sunfish, I don't have any other skills. Zero. Interests in computers and networking, but zero qualifications and experience. If I get a job stacking shelves, I lose the jobkeeper and get paid less as well. Not to mention all jobs have been filled by others in the same position.

I could shoot an email with my CV to Alliance, along with the other 400 pilots just let go from VA, half of which have an E-Jet endorsement. Don't know anyone well enough to ask them to put it on the Chief pilot's desk. There are not many job's out there. Certainly wont be anything that is going to pay the mortgage and car.

If I take VR, the money would last 6-12 months with nothing on the horizon in aviation, worldwide.

I can see why it leads to some thinking there is not alternative but to leave this world. All brought about by poor Exec management and a black swan event.
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Old 6th Aug 2020, 23:55
  #772 (permalink)  
 
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Originally Posted by Servo View Post
If I get a job stacking shelves, I lose the jobkeeper and get paid less as well.
You may want to look in to that a bit more closely. Plenty of people working second jobs on stand down in my company and still legally entitled to JK.
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Old 7th Aug 2020, 00:04
  #773 (permalink)  
 
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Originally Posted by Servo View Post
That's the thing Sunfish, I don't have any other skills. Zero. Interests in computers and networking, but zero qualifications and experience. If I get a job stacking shelves, I lose the jobkeeper and get paid less as well. Not to mention all jobs have been filled by others in the same position.

I could shoot an email with my CV to Alliance, along with the other 400 pilots just let go from VA, half of which have an E-Jet endorsement. Don't know anyone well enough to ask them to put it on the Chief pilot's desk. There are not many job's out there. Certainly wont be anything that is going to pay the mortgage and car.

If I take VR, the money would last 6-12 months with nothing on the horizon in aviation, worldwide.

I can see why it leads to some thinking there is not alternative but to leave this world. All brought about by poor Exec management and a black swan event.
come on mate, chin up.
All may seem lost, but something usually comes up for most people.

For anyone that ever made it to an airline, it shows how much perseverance and determination you once had.

There’s more to life than going to work and making money, especially at the moment.
Try and maintain a positive attitude, and keep an eye out, other opportunities will present them self.

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Old 7th Aug 2020, 01:24
  #774 (permalink)  
 
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PS and his team have been kept on to provide some sort of stability through the administration process. I suspect early in the new year many will decide to "spend some more time with the family"
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Old 7th Aug 2020, 05:10
  #775 (permalink)  
 
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79k for a 737 Captain. True?
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Old 7th Aug 2020, 05:18
  #776 (permalink)  

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Originally Posted by SandyPalms View Post
79k for a 737 Captain. True?
New or used? And, can they operate the Galley?
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Old 7th Aug 2020, 05:35
  #777 (permalink)  
 
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Originally Posted by SandyPalms View Post
79k for a 737 Captain. True?
Absolutely true. In 1975.
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Old 7th Aug 2020, 06:20
  #778 (permalink)  
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Originally Posted by SandyPalms View Post
79k for a 737 Captain. True?
Yes but with conditions.
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Old 7th Aug 2020, 06:43
  #779 (permalink)  
 
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Servo, is there a group for Virgin pilots in your area? If not, start one and make sure you meet with others in the same position for tea and bikkies at least twice a week. Things get easier once you can talk this stuff out.

Stay in touch.
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Old 7th Aug 2020, 07:01
  #780 (permalink)  
 
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Servo, is there a group for Virgin pilots in your area? If not, start one and make sure you meet with others in the same position for tea and bikkies at least twice a week. Things get easier once you can talk this stuff out.
Talking it out is irrelevant as the reality for most pilots is just as he says, that there is nowhere to go. Your only two options are to hang out for a increase in aviation activity in about 3+ years time or to start again in another job in another industry. Given most pilots have spent 1/3 of their working lives just getting into an airline very few have experience or qualifications in other industries as it's just too damn hard or expensive. I think that point is completely incomprehensible to anyone who hasn't been through it. People from outside aviation just assume you can dalliance between jobs and industries just like everyone else, except that the reality is very different even more so if you are 45+.
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