20 buyers now circling Virgin Australia
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Well it's actually Virgin 3.0, being the third iteration of the airline which began as Virgin Blue, but Virgin Australia 2.0 as it's the second take on Virgin Australia.
Interestingly the AFR reports that Virgin will stay in Voluntary Administration until the end of October. Curious as to what affect that has on any EBA negotiation, if any.
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Nice to have some positive news.
Now how long will Bain tip money in to a grounded airline. Today is anything to go by Australia is closed until a vaccine. States not prepared to open. December is just away to get the Fed gov off their backs
Now how long will Bain tip money in to a grounded airline. Today is anything to go by Australia is closed until a vaccine. States not prepared to open. December is just away to get the Fed gov off their backs
21. What happens next if the DOCAs are approved at the meeting?
If creditors vote for the proposals that the Companies enter into DOCAs, the Companies must sign the deed within 15 business days of the creditors’ meeting, unless the Court allows a longer time. If this doesn’t happen, the Companies will automatically go into liquidation, with the voluntary administrator becoming the liquidator.
The DOCAs are expected to complete on or before 31 October 2020. The Voluntary Administrators will remain in control of the Group (as Deed Administrators) while it is under the DOCAs. Once the conditions precedent to completion of the DOCAs have been met, the DOCAs will be finalised and control of the Group will be handed to Bain. The claims of eligible creditors who are owed money will be transferred into a Creditors’ Trust. It is our intention to pay a distribution to creditors from the Creditors’ Trust between six and nine months from the commencement of the Creditors’ Trust. Further information on the DOCAs and Creditors’ Trust are contained at sections 9 and 10.
If creditors vote for the proposals that the Companies enter into DOCAs, the Companies must sign the deed within 15 business days of the creditors’ meeting, unless the Court allows a longer time. If this doesn’t happen, the Companies will automatically go into liquidation, with the voluntary administrator becoming the liquidator.
The DOCAs are expected to complete on or before 31 October 2020. The Voluntary Administrators will remain in control of the Group (as Deed Administrators) while it is under the DOCAs. Once the conditions precedent to completion of the DOCAs have been met, the DOCAs will be finalised and control of the Group will be handed to Bain. The claims of eligible creditors who are owed money will be transferred into a Creditors’ Trust. It is our intention to pay a distribution to creditors from the Creditors’ Trust between six and nine months from the commencement of the Creditors’ Trust. Further information on the DOCAs and Creditors’ Trust are contained at sections 9 and 10.
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ex the AFR: Creditors approve $3.5b Virgin sale to Bain.......
Link Here: https://www.afr.com/companies/transp...0200904-p55sc2
An extract here (some Bolding):
'Rough and Ready' as this is/be (above)- However, go well.... All.
rgds/& be Well
SECTION 28- BE
An extract here (some Bolding):
-Updated
Virgin Australia's administrators have overcome some obstinate bondholders to secure overwhelming creditor support for a $3.5 billion deal to sell the airline to private equity firm Bain Capital.
The administrators' report says Virgin might have traded while insolvent, but only for a few days. GettyThe meeting on Friday saw 99 per cent of the airline's 10,000 or so creditors get behind Bain's deed of company arrangement. And, in terms of value – a vote which the successful DOCA would also have to pass – 97 per cent supported it. Administrators were not required to use their casting vote.
But this does not represent the end of the troubled airline's voluntary administration, which commenced on April 21, with several court procedures required to hand Virgin's equity to Bain by October 31.
Bain Capital's managing director in Australia, Mike Murphy, called the vote a significant step.
"We can now continue the rebuilding process from the strongest possible platform and with the least disruption. We are working closely with Virgin management to build a stronger, more profitable and competitive Virgin Australia, and we look forward to the future with confidence," he said.
Bondholders did, however, use the meeting to interrogate Virgin administrators from Deloitte one final time, querying their engagement with the group and criticising the voting process.
One point of concern for bondholders was that they only had four representatives on the over 30-member committee of inspection.
The group is a creditor-centric committee overseeing the administration.
Lead administrator Vaughan Strawbridge rejected these concerns over engagement with the group, saying the bondholders on the committee represented the vast majority of the credit.
"As far as engagement, there was an exceptionally high level of engagement and communication with the whole of the bondholder committee."
A source in the meeting said bondholders asked whether Virgin was solvent when it raised $750 million through debt-financing notes in November 2019 to repurchase a third of its Velocity Frequent Flyer program.
The question was likely motivated by the administrators finding that Virgin had traded while insolvent briefly in March before the government introduced carve-outs to protect directors.
Administrators replied that the airline was solvent at the time of the bond issue, per its half-yearly reports. Virgin still had, despite posting an $88.6 million loss for the six months to December 31, more than $1 billion of cash in the bank.
But the answer is unlikely to soothe the bondholders, who were due $2 billion when Virgin crashed but will get only 13¢ on the dollar of that back under the Bain deal.
Two offshore bondholders, Broad Peak Investment Advisers and Tor Investment Management, had moved to oust Bain, fearing such an outcome.
Deloitte rejected that proposal, saying the deal with Bain was binding to ensure the private equity firm kept the airline solvent. Deloitte said if the Bain deal were not approved, it would adjourn the meeting and complete the transaction through an asset sale agreement.
The Federal Court agreed with the decisions from administrators, forcing Broad Peak and Tor to end their campaign in late August.
Broad Peak and Tor declined to comment on Friday. Other bondholders contacted by The Australian Financial Review also refused to comment.
Meanwhile, the reaction out of the broader Virgin Group, whose chief executive Josh Bayliss said would vote for the Bain DOCA on Thursday, was positive.
"The successful vote at the creditors' meeting is a significant moment for the airline as it can now plan for the future and start work on getting back into the air," Mr Bayliss said.
"We are thankful for the hard work of the administrator, Paul Scurrah, and the management team in securing this successful outcome."
Virgin Group founder Richard Branson also welcomed the outcome.
"With the deal agreed, we will focus on building our airline back up even better than it was before," Mr Branson said.
Bain has yet to reach a deal with the Virgin Group for the use of the Virgin Australia trademark, though talks continue.
Transport Workers Union national secretary Michael Kaine said this was a new beginning for the airline.
"We know there is a long road ahead to ensure Virgin's success and we will hold Bain Capital to account on its promises," Mr Kaine said.
"We will do this through our usual channels but also through the union advisory council that Bain has agreed to set up so workers voices on governance can be heard."
Australian Council of Trade Unions president Michele O'Neil was similarly optimistic. "We will be continuing to work with Bain Capital and Virgin management to ensure they keep to their commitments and that Virgin workers who stay with the airline are treated with respect," she said.
Creditors approve $3.5b Virgin sale to Bain
Lucas Baird Reporter Sep 4, 202 – 1.08pmVirgin Australia's administrators have overcome some obstinate bondholders to secure overwhelming creditor support for a $3.5 billion deal to sell the airline to private equity firm Bain Capital.
The administrators' report says Virgin might have traded while insolvent, but only for a few days. GettyThe meeting on Friday saw 99 per cent of the airline's 10,000 or so creditors get behind Bain's deed of company arrangement. And, in terms of value – a vote which the successful DOCA would also have to pass – 97 per cent supported it. Administrators were not required to use their casting vote.
But this does not represent the end of the troubled airline's voluntary administration, which commenced on April 21, with several court procedures required to hand Virgin's equity to Bain by October 31.
Bain Capital's managing director in Australia, Mike Murphy, called the vote a significant step.
"We can now continue the rebuilding process from the strongest possible platform and with the least disruption. We are working closely with Virgin management to build a stronger, more profitable and competitive Virgin Australia, and we look forward to the future with confidence," he said.
Bondholders did, however, use the meeting to interrogate Virgin administrators from Deloitte one final time, querying their engagement with the group and criticising the voting process.
One point of concern for bondholders was that they only had four representatives on the over 30-member committee of inspection.
The group is a creditor-centric committee overseeing the administration.
Lead administrator Vaughan Strawbridge rejected these concerns over engagement with the group, saying the bondholders on the committee represented the vast majority of the credit.
'High level of engagement'
"We held eight meetings of the committee, and 80 per cent to 85 per cent of bondholders by value were represented," Mr Strawbridge said. "We had a separate forum called the noteholder consultative committee as well ... predominantly for US bondholders ... we met with them four times."As far as engagement, there was an exceptionally high level of engagement and communication with the whole of the bondholder committee."
A source in the meeting said bondholders asked whether Virgin was solvent when it raised $750 million through debt-financing notes in November 2019 to repurchase a third of its Velocity Frequent Flyer program.
The question was likely motivated by the administrators finding that Virgin had traded while insolvent briefly in March before the government introduced carve-outs to protect directors.
Administrators replied that the airline was solvent at the time of the bond issue, per its half-yearly reports. Virgin still had, despite posting an $88.6 million loss for the six months to December 31, more than $1 billion of cash in the bank.
But the answer is unlikely to soothe the bondholders, who were due $2 billion when Virgin crashed but will get only 13¢ on the dollar of that back under the Bain deal.
Two offshore bondholders, Broad Peak Investment Advisers and Tor Investment Management, had moved to oust Bain, fearing such an outcome.
Federal Court agreed
The pair of Asian hedge funds proposed a competing deed of company arrangement for the airline promising up to 67¢ on the dollar for bondholders.Deloitte rejected that proposal, saying the deal with Bain was binding to ensure the private equity firm kept the airline solvent. Deloitte said if the Bain deal were not approved, it would adjourn the meeting and complete the transaction through an asset sale agreement.
The Federal Court agreed with the decisions from administrators, forcing Broad Peak and Tor to end their campaign in late August.
Broad Peak and Tor declined to comment on Friday. Other bondholders contacted by The Australian Financial Review also refused to comment.
Meanwhile, the reaction out of the broader Virgin Group, whose chief executive Josh Bayliss said would vote for the Bain DOCA on Thursday, was positive.
"The successful vote at the creditors' meeting is a significant moment for the airline as it can now plan for the future and start work on getting back into the air," Mr Bayliss said.
"We are thankful for the hard work of the administrator, Paul Scurrah, and the management team in securing this successful outcome."
Virgin Group founder Richard Branson also welcomed the outcome.
"With the deal agreed, we will focus on building our airline back up even better than it was before," Mr Branson said.
Bain has yet to reach a deal with the Virgin Group for the use of the Virgin Australia trademark, though talks continue.
Transport Workers Union national secretary Michael Kaine said this was a new beginning for the airline.
"We know there is a long road ahead to ensure Virgin's success and we will hold Bain Capital to account on its promises," Mr Kaine said.
"We will do this through our usual channels but also through the union advisory council that Bain has agreed to set up so workers voices on governance can be heard."
Australian Council of Trade Unions president Michele O'Neil was similarly optimistic. "We will be continuing to work with Bain Capital and Virgin management to ensure they keep to their commitments and that Virgin workers who stay with the airline are treated with respect," she said.
rgds/& be Well
SECTION 28- BE
Last edited by Section28- BE; 4th Sep 2020 at 11:19. Reason: More 'Bolding' and Trimmed my input 'a' Tad.....
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ex the SMH: Virgin relaunch secured but COVID-19 risks still loom over workforce....
The SMH's article/take on the meeting yesterday- with some quotes ex the protagonists: https://www.smh.com.au/business/comp...04-p55scm.html
Extract (Bolding):
Virgin Australia boss Paul Scurrah has warned that COVID-19 risks still loom over the airline's workforce, as it gets ready to relaunch under new owners Bain Capital.
The private equity outfit's proposal to resuscitate the airline won the support of Virgin's creditors owed $6.8 billion, including its 9,000 strong workforce, at a three-hour virtual meeting of creditors on Friday.
Virgin will return to the skies under its new owners, Bain Capital. Speaking after the meeting, Mr Scurrah welcomed the support for the deal, saying it was a great day for the airline's customers who will get full travel credits and Velocity points thanks largely to Deloitte's handling of the administration.
"I think they can now book with certainty, certainly once the borders are open."
The sale marks the return of Australia's second carrier, which had been facing the prospect of complete shutdown and liquidation if no willing bidder was found. Bain's $3.5 billion deal to acquire Virgin will see the airline relaunched as a value carrier with limited international offerings.It will also sack 3000 employees, or about a third of its workforce.
Mr Scurrah said he could not rule out having to further reduce staff numbers given the damage wreaked on the aviation sector by the COVID-19 travel restrictions.
"If the market is much slower coming back or if there's changes to JobKeeper clearly our position on that will have to be reviewed. We cannot give any guarantees at this point in time."
"It is our intention to resume an airline that has seventy-five-plus 737s as soon as we possibly can but there's so many things outside of our control that will impact that." He also emphasised that Virgin now had a strong balance sheet to withstand the current downturn and future shocks.
While there was no guidance on when the airline's capacity would grow again, Mr Scurrah said he had expected capacity to reach 40 per cent or 50 per cent by August before the second wave of the pandemic hit
"Where we end up [in terms of capacity] by the end of 2020 is anyone's guess," he said.
"It is very reliant on decisions that are out of our control such as border openings. I'm personally advocating for a more fact-based decision making regime around border openings."
"There are decisions that don't seem to make sense. The example I have been using is Cairns and Perth. You know why not given Perth people love to go to Bali and they can't get there at moment why would you not allow them to fly to Cairns when there's no COVID in either location? This is the sorts of things we think need to be looked at a bit more closely."
Virgin administrator, Deloitte partner Vaughan Strawbridge said Friday's vote by creditors to support the Bain deed of company arrangement was a key milestone. Sources in the meeting said the vote passed with an approval of 99 per cent of creditors by number and 97 per cent by value.
"It really does showcase the support amongst all the creditor groups around Virgin," Mr Strawbridge said.
He said the proposal by Bain would require court approval and he expected to complete the sale process by the end of October.
Deloitte's approach to the administration was not without criticism or complaint. Bondholders were incensed by the 13 cent in the dollar return proposed by Bain and Deloitte's use of a mechanism in insolvency law to effect a firesale of Virgin's assets to Bain, even if creditors did not support the private equity firm's proposal and voted instead for liquidation.
Bain Capital managing director Mike Murphy said he planned to build a stronger, a more profitable and a more competitive Virgin.
The union representing the bulk of Virgin staff, the Transport Workers Union, welcomed the sale on Friday, with the union's national secretary Michael Kaine calling it "an important day for Virgin and for Australian aviation".
Virgin founder Richard Branson said the rescue had been a "massive effort by the administrator, Bain, Paul Scurrah and the airline’s management team to get this far in the face of the global travel crisis."
Reckon, the rhetoric has sharpened and the volume has ramped-up on the caveat- "Pending Market Conditions"....., post yesterdays proceedings.
rgds all
S28- BE
Extract (Bolding):
Virgin relaunch secured but COVID-19 risks still loom over workforce
Virgin relaunch secured but COVID-19 risks still loom over workforce
By Sarah Danckert and Patrick Hatch
Updated September 4, 2020 — 5.42pm first published at 1.10pmVirgin Australia boss Paul Scurrah has warned that COVID-19 risks still loom over the airline's workforce, as it gets ready to relaunch under new owners Bain Capital.
The private equity outfit's proposal to resuscitate the airline won the support of Virgin's creditors owed $6.8 billion, including its 9,000 strong workforce, at a three-hour virtual meeting of creditors on Friday.
Virgin will return to the skies under its new owners, Bain Capital. Speaking after the meeting, Mr Scurrah welcomed the support for the deal, saying it was a great day for the airline's customers who will get full travel credits and Velocity points thanks largely to Deloitte's handling of the administration.
"I think they can now book with certainty, certainly once the borders are open."
The sale marks the return of Australia's second carrier, which had been facing the prospect of complete shutdown and liquidation if no willing bidder was found. Bain's $3.5 billion deal to acquire Virgin will see the airline relaunched as a value carrier with limited international offerings.It will also sack 3000 employees, or about a third of its workforce.
Mr Scurrah said he could not rule out having to further reduce staff numbers given the damage wreaked on the aviation sector by the COVID-19 travel restrictions.
"If the market is much slower coming back or if there's changes to JobKeeper clearly our position on that will have to be reviewed. We cannot give any guarantees at this point in time."
"It is our intention to resume an airline that has seventy-five-plus 737s as soon as we possibly can but there's so many things outside of our control that will impact that." He also emphasised that Virgin now had a strong balance sheet to withstand the current downturn and future shocks.
While there was no guidance on when the airline's capacity would grow again, Mr Scurrah said he had expected capacity to reach 40 per cent or 50 per cent by August before the second wave of the pandemic hit
"Where we end up [in terms of capacity] by the end of 2020 is anyone's guess," he said.
"It is very reliant on decisions that are out of our control such as border openings. I'm personally advocating for a more fact-based decision making regime around border openings."
"There are decisions that don't seem to make sense. The example I have been using is Cairns and Perth. You know why not given Perth people love to go to Bali and they can't get there at moment why would you not allow them to fly to Cairns when there's no COVID in either location? This is the sorts of things we think need to be looked at a bit more closely."
Virgin administrator, Deloitte partner Vaughan Strawbridge said Friday's vote by creditors to support the Bain deed of company arrangement was a key milestone. Sources in the meeting said the vote passed with an approval of 99 per cent of creditors by number and 97 per cent by value.
"It really does showcase the support amongst all the creditor groups around Virgin," Mr Strawbridge said.
He said the proposal by Bain would require court approval and he expected to complete the sale process by the end of October.
Deloitte's approach to the administration was not without criticism or complaint. Bondholders were incensed by the 13 cent in the dollar return proposed by Bain and Deloitte's use of a mechanism in insolvency law to effect a firesale of Virgin's assets to Bain, even if creditors did not support the private equity firm's proposal and voted instead for liquidation.
Bain Capital managing director Mike Murphy said he planned to build a stronger, a more profitable and a more competitive Virgin.
The union representing the bulk of Virgin staff, the Transport Workers Union, welcomed the sale on Friday, with the union's national secretary Michael Kaine calling it "an important day for Virgin and for Australian aviation".
Virgin founder Richard Branson said the rescue had been a "massive effort by the administrator, Bain, Paul Scurrah and the airline’s management team to get this far in the face of the global travel crisis."
rgds all
S28- BE
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Anastasia pledge of 200 million to keep HQ in QLD has that gone ahead? if so, she does realize it very well could be wasted valuable money if she does not allow this company to freely operate. yes back to borders again!
He also emphasised that Virgin now had a strong balance sheet to withstand the current downturn and future shocks.
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Indeed....., 'Mick'.
The Australian is running today, a story titled:
Behind the 'Rupert Wall'....
rgds
S28
The Australian is running today, a story titled:
Save of the century after Virgin ‘written off’
Virgin Australia’s rescue has been declared “one of the greatest achievements in corporate history” by CEO Paul Scurrah.
Virgin Australia’s rescue has been declared “one of the greatest achievements in corporate history” by CEO Paul Scurrah.
rgds
S28
Save of the century: Virgin Australia to fly again
By ROBYN IRONSIDE, AVIATION WRITER
Virgin Australia chief executive Paul Scurrah has predicted the airline’s rescue will go down as “one of the greatest achievements in corporate history”, after creditors overwhelmingly backed the sale to Bain Capital.
An impressive 99 per cent voted in favour of the $3.5bn sale by deed of company arrangement to Bain, with a majority of all stakeholder groups, including bondholders, backing the deal. The result followed an intensive 4½ months of administration, following the appointment of Deloitte in April when Virgin Australia ran out of options.
With $6.8bn owing to more than 10,000 creditors and the pandemic devastating aviation, Mr Scurrah conceded things were not looking good.
“A lot of people had written us off,” he told The Australian.
But there was no shortage of interest from buyers, which Deloitte’s team, led by Vaughan Strawbridge, quickly whittled down to one.
“I’m proud of Vaughan and his team for the way they’d gone about this. I think history will talk about this as one of the greatest achievements in corporate history and deservedly so,” Mr Scurrah said.
“I’m also really grateful to Bain because they have shown enormous courage here … to take on an airline that’s still in the midst of a pandemic is something to be admired.”
Mr Strawbridge said there was much work left to do but he planned to take the weekend off.
“There’s still a lot of restructuring work to be done, and the intent is to sign the DOCA by the end of this month and then go through the court application so we can complete the sale before end of October,” he said.
The court application was necessary to transfer all of the shares in Virgin Australia, which was still an ASX-listed company, to Bain Capital.
From there it was likely to become a private company wholly owned by Bain.
The firm’s Australian managing director, Mike Murphy, said the backing of creditors meant the rebuilding process could continue from the “strongest possible platform and with the least disruption”.
“We are working closely with Virgin management to build a stronger, more profitable and competitive Virgin Australia, and we look forward to the future with confidence,” Mr Murphy said.
Bain has made it clear it would be appointing its own “experienced, high quality board”, which is expected to include former Jetstar CEO Jayne Hrdlicka.
The Virgin brand will be retained, and founder Richard Branson said he was excited to create the next chapter of Virgin Australia together with Bain and the airline’s team.
“It has been a massive effort by the administrator, Bain, Paul Scurrah and the airline’s management team to get this far in the face of the global travel crisis,” Sir Richard said.
“With the deal agreed we will focus on building our airline back up even better than it was before.”
Unions also welcomed the outcome of the creditors meeting, and said credit should go to the workers who had shown “strength and perseverance in the face of terrible adversity”.
“Since the airline announced it was going into administration on April 21, the unions representing Virgin workers have fought hard to ensure that every cent of workers’ entitlements are protected, that there is a long-term, viable future for the airline, and that the maximum number of jobs are saved,” ACTU national president Michele O’Neil said.
“We send our support and solidarity to every Virgin worker who is making the hard decision to take voluntary redundancies.”
Under Bain, Virgin Australia’s workforce will be cut by a third, from 9000 to 6000, and the fleet initially reduced to between 30 and 60 Boeing 737s.
Transport Workers Union national secretary Michael Kaine warned it would be holding Bain Capital to its promises.
He said they included “resuming as a fuller capacity airline, maximising jobs, retaining regional operation Vara, tiered cabin classes, airport lounges and the airline’s international arm”.
Deputy Prime Minister Michael McCormack also welcomed confirmation of the sale, reiterating that a “market-led solution” was always the government’s preference for Virgin.
“The government recognises the efforts of the administrator and the constructive engagement that we have had with them throughout this process via Nicholas Moore,” he said.
By ROBYN IRONSIDE, AVIATION WRITER
Virgin Australia chief executive Paul Scurrah has predicted the airline’s rescue will go down as “one of the greatest achievements in corporate history”, after creditors overwhelmingly backed the sale to Bain Capital.
An impressive 99 per cent voted in favour of the $3.5bn sale by deed of company arrangement to Bain, with a majority of all stakeholder groups, including bondholders, backing the deal. The result followed an intensive 4½ months of administration, following the appointment of Deloitte in April when Virgin Australia ran out of options.
With $6.8bn owing to more than 10,000 creditors and the pandemic devastating aviation, Mr Scurrah conceded things were not looking good.
“A lot of people had written us off,” he told The Australian.
But there was no shortage of interest from buyers, which Deloitte’s team, led by Vaughan Strawbridge, quickly whittled down to one.
“I’m proud of Vaughan and his team for the way they’d gone about this. I think history will talk about this as one of the greatest achievements in corporate history and deservedly so,” Mr Scurrah said.
“I’m also really grateful to Bain because they have shown enormous courage here … to take on an airline that’s still in the midst of a pandemic is something to be admired.”
Mr Strawbridge said there was much work left to do but he planned to take the weekend off.
“There’s still a lot of restructuring work to be done, and the intent is to sign the DOCA by the end of this month and then go through the court application so we can complete the sale before end of October,” he said.
The court application was necessary to transfer all of the shares in Virgin Australia, which was still an ASX-listed company, to Bain Capital.
From there it was likely to become a private company wholly owned by Bain.
The firm’s Australian managing director, Mike Murphy, said the backing of creditors meant the rebuilding process could continue from the “strongest possible platform and with the least disruption”.
“We are working closely with Virgin management to build a stronger, more profitable and competitive Virgin Australia, and we look forward to the future with confidence,” Mr Murphy said.
Bain has made it clear it would be appointing its own “experienced, high quality board”, which is expected to include former Jetstar CEO Jayne Hrdlicka.
The Virgin brand will be retained, and founder Richard Branson said he was excited to create the next chapter of Virgin Australia together with Bain and the airline’s team.
“It has been a massive effort by the administrator, Bain, Paul Scurrah and the airline’s management team to get this far in the face of the global travel crisis,” Sir Richard said.
“With the deal agreed we will focus on building our airline back up even better than it was before.”
Unions also welcomed the outcome of the creditors meeting, and said credit should go to the workers who had shown “strength and perseverance in the face of terrible adversity”.
“Since the airline announced it was going into administration on April 21, the unions representing Virgin workers have fought hard to ensure that every cent of workers’ entitlements are protected, that there is a long-term, viable future for the airline, and that the maximum number of jobs are saved,” ACTU national president Michele O’Neil said.
“We send our support and solidarity to every Virgin worker who is making the hard decision to take voluntary redundancies.”
Under Bain, Virgin Australia’s workforce will be cut by a third, from 9000 to 6000, and the fleet initially reduced to between 30 and 60 Boeing 737s.
Transport Workers Union national secretary Michael Kaine warned it would be holding Bain Capital to its promises.
He said they included “resuming as a fuller capacity airline, maximising jobs, retaining regional operation Vara, tiered cabin classes, airport lounges and the airline’s international arm”.
Deputy Prime Minister Michael McCormack also welcomed confirmation of the sale, reiterating that a “market-led solution” was always the government’s preference for Virgin.
“The government recognises the efforts of the administrator and the constructive engagement that we have had with them throughout this process via Nicholas Moore,” he said.
Transport Workers Union national secretary Michael Kaine warned it would be holding Bain Capital to its promises. He said they included “resuming as a fuller capacity airline, maximising jobs, retaining regional operation Vara, tiered cabin classes, airport lounges and the airline’s international arm”.
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Deputy Prime Minister Michael McCormack also welcomed confirmation of the sale, reiterating that a “market-led solution” was always the government’s preference for Virgin.
So another words senator Rex welcomed the sale. I actually got a laugh out of that.
So another words senator Rex welcomed the sale. I actually got a laugh out of that.
Now the company is a shadow of its former self let’s hope Bain slash the ELT’s salaries by an appropriate amount. Remembering the decisions these guys and girls made cost the jobs of 3000 innocent employees.
I still don’t believe any of them had any idea how bad the situation was....blame Covid that’s virgins ultimate get out of jail free card.
I still don’t believe any of them had any idea how bad the situation was....blame Covid that’s virgins ultimate get out of jail free card.
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https://newsroom.hawaiianairlines.co...jayne-hrdlicka
https://worldofaviation.com/2020/09/...nba0jLhh9AaL1A
Draw your own conclusions?
https://worldofaviation.com/2020/09/...nba0jLhh9AaL1A
Draw your own conclusions?
Delusional much, Blackout?
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'Self-Editorial' with what is being 'run', is always (a worry, in my experience... for, 'what' that is Not Worth!!!!)- Not a good thing.............???
However, lots of spin/back-slapping/then outs/and maybes, and still- not 'one' freekin thing to Drill/Nail as hard-fact..... to the Wall.
And also, thanks toward 'The Bank of Mum & Dad'- whom torched the Guts of 2x $Bil yesterday- think of 'them', when the smoke clears and your eyes stop watering.....
Thanks,
rgds/be Well all
S28- BE
Last edited by Section28- BE; 5th Sep 2020 at 09:49. Reason: 'Definition'- before, the Pedants 'Start'....