20 buyers now circling Virgin Australia
Just my crystal ball gazing.
However with the Administrators “Locked in Bain bid” and the alternative bond holders proposals surely to be tested in court, as usual the winners will only be the lawyers. I surmise that neither party will win out to a workable solution hence my allusion to the unpalatable conclusion above.
If only I was wrong for all staff involved but you know crystal balls 😳😳.
However with the Administrators “Locked in Bain bid” and the alternative bond holders proposals surely to be tested in court, as usual the winners will only be the lawyers. I surmise that neither party will win out to a workable solution hence my allusion to the unpalatable conclusion above.
If only I was wrong for all staff involved but you know crystal balls 😳😳.
Last edited by On eyre; 10th Aug 2020 at 10:13.
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Just my crystal ball gazing.
However with the Administrators “Locked in Bain bid” and the alternative bond holders proposals surely to be tested in court, as usual the winners will only be the lawyers. I surmise that neither parties will win out to a workable solution hence my allusion to the unpalatable conclusion above.
If only I was wrong for all staff involved but you know crystal balls 😳😳.
However with the Administrators “Locked in Bain bid” and the alternative bond holders proposals surely to be tested in court, as usual the winners will only be the lawyers. I surmise that neither parties will win out to a workable solution hence my allusion to the unpalatable conclusion above.
If only I was wrong for all staff involved but you know crystal balls 😳😳.
The VR is open to all crew and as I am on 737 have the option in the back of my mind. Difficult decision, do I take the money and have no where to go or take my chance that Bain will get the airline back up, conditions are suitable to get through this next peak in Australia and beyond.
I want to point out that I am ok, my reference in a previous post was just speaking out loud. Given the circumstances, I and my family are taking one day at a time and hoping for the best. I wish to thank all those of you that have reached out to me offering words of support and care. Thank you. It means a lot.
It is hard to stay focused and keeping the chin up though.
Please, everyone, take care. Be careful. Wear a mask. I hope you and your families stay healthy and safe.
Servo
I want to point out that I am ok, my reference in a previous post was just speaking out loud. Given the circumstances, I and my family are taking one day at a time and hoping for the best. I wish to thank all those of you that have reached out to me offering words of support and care. Thank you. It means a lot.
It is hard to stay focused and keeping the chin up though.
Please, everyone, take care. Be careful. Wear a mask. I hope you and your families stay healthy and safe.
Servo
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Union: Don’t reject Bain out of spite
Virgin Australia employees facing the axe have been urged by a key union not to vote against the sale to Bain Capital out of spite.Does anyone know which union 'The Australian' was talking about.
ALAEA, actually.
Australian Licensed Aircraft Engineers Association secretary Steve Purvinas said he was disgusted to see talk by some of those workers suggesting a “no” vote to the deal with Bain.
“It amounts to ‘if I can’t have a job, I will go out of my way to make sure you don’t have one either’,” Mr Purvinas said.
“A ‘no’ vote by them does not increase their lot and I would be extremely disappointed if any union supports a position based on spite.”
“It amounts to ‘if I can’t have a job, I will go out of my way to make sure you don’t have one either’,” Mr Purvinas said.
“A ‘no’ vote by them does not increase their lot and I would be extremely disappointed if any union supports a position based on spite.”
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The Australian, now quoting (35 mins ago):
rgds
S28
Virgin bondholders’ plan ‘not credible’
Virgin bondholders’ plan ‘not credible’
Virgin Australia’s new owners Bain Capital have lost patience with bondholders’ attempts to derail the sale process.
S28
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ex: FEDERAL COURT OF AUSTRALIA (FCA) on 11/08/2020 11:35:20 AM AEST
Link: https://www.fedcourt.gov.au/__data/a...on-1182020.pdf
Wonder- How that information sharing issue, is all going.....???
rgds all
S28- BE
Wonder- How that information sharing issue, is all going.....???
rgds all
S28- BE
So Bain stamps it’s little foot. My guess is that these guys plan to trouser at least a billion when they exit this deal. My guess is also that the creditors are on the hook for twice what Bain has already spent sorry, “invested. if Deloittes can’t deliver Virgin to them.
Rumour has it that Bain are proposing the award wage on the 737. Fun times.
They just might find that they’ll get more VR requests than originally intended if it is true.
They just might find that they’ll get more VR requests than originally intended if it is true.
Virgin Australia has told staff about 400 Queensland roles will be made redundant as part of the airline's restructure.
It is not clear how many people will leave the business, with redeployment and voluntary redundancy discussions underway.
Last week the company revealed its plans to make about a third of its workforce redundant with approximately 3000 jobs expected to go under new owners Bain Capital.
Qld Govt $200M is in disarray according to Govt insiders...
It is not clear how many people will leave the business, with redeployment and voluntary redundancy discussions underway.
Last week the company revealed its plans to make about a third of its workforce redundant with approximately 3000 jobs expected to go under new owners Bain Capital.
Qld Govt $200M is in disarray according to Govt insiders...
Rumour has it that Bain are proposing the award wage on the 737. Fun times.
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ex The AFR- 'There should be no side deals': Bain Capital outs noteholders.......
Without, wanting to Spook-Horses, nor prosecute/apply 'a' view.... and given, the 'stuff' that has occurred today in various fields/jurisdictions....
AFR Link here: https://www.afr.com/companies/transp...0200811-p55kix
And then, ex Mr 'Icarus's observation:
Is- 'it' reasonable to 'offer' the view that, this GIG ain't done....., by- Anyway, Shape nor Form, yet!!!!????
Given, Middleton J's- preceding 'comments' in the running/on the journey of this 'Process', for want of a 'term'.....????
rgds/ & evening all
Be Well
S28- BE
Extract:
AFR Link here: https://www.afr.com/companies/transp...0200811-p55kix
And then, ex Mr 'Icarus's observation:
Mmmmm I was under the impression that when one "buys" the company then the current EBA comes with it. An EBA that has expired remains in force until a new one replaces it. Fun times ahead.
Given, Middleton J's- preceding 'comments' in the running/on the journey of this 'Process', for want of a 'term'.....????
rgds/ & evening all
Be Well
S28- BE
Extract:
'There should be no side deals': Bain Capital outs noteholders
'There should be no side deals': Bain Capital outs noteholders
Jemima Whyte Senior reporterAug 11, 2020 – 10.30amBain Capital has revealed it was approached by the two hedge funds leading a rival recapitalisation proposal for Virgin Australia, just days after the funds sent a seven-page proposal to administrator Deloitte and attempted to gather more support from creditors.
In a statement, the US-based private equity firm dismissed the recapitalisation proposal led by Broad Peak Investment Management and Tor Investment Advisers, which are owed $300 million, as "not credible", "incomplete" and "indicative".
Deloitte says it is not going to consider the alternative proposal after signing a binding deal with Bain Capital for Virgin Australia.Under the hedge funds' proposal, which is conditional on meeting Virgin management and stakeholders including unions, lessors and QIC, unsecured creditors swap their debt for shares in the airline and the two funds would underwrite an $800 million capital raising to be offered on a pro-rata basis to all creditors. Virgin would then be relisted on the ASX.
In its statement, Bain also said it does not believe in "side deals" and the funds are "trying to frustrate the administration process by creating as much noise and interference as possible".
"The two hedge funds recently approached Bain Capital. It wouldn’t take much to imagine what they are seeking. Bain Capital has rejected the proposal. Bain Capital believes that similarly situated creditors should be treated equally and that there should be no side deals," the private equity firm said in a statement.
A Bain Capital spokesman declined to give further details.
The bondholder group have previously attempted to unseal the confidential terms of Virgin's proposed sale to Bain in the Federal Court, and sought a Takeovers Panel intervention to ensure they can put their proposal to creditors for a vote at that September meeting. On Tuesday, the latest Federal Court legal appeal to ensure the proposal is put on the ballot and a facilitator between the group and the administrator was adjourned until next week.
"As is usual in many voluntary administration processes, we have held discussions with Bain Capital to examine various options for an appropriate recovery for all creditors, including the bond holders," the statement said.
"We continue to progress our proposal and have been heartened by the widespread support for our proposal in recent days."
Administrators Deloitte has already said it would not consider the alternative proposal after naming Bain Capital as its preferred bidder.
"While it is open to any party to submit an alternative proposal, it cannot be considered by the administrators, or recommended to creditors, given the binding agreement already in place," the administrator said.
The Australian Financial Review's Street Talk column reported this week that Faraday, which was advising the bondholder group, has been sidelined from the process.
On Friday, the bondholder group circulated a summary of a proposed deed of company arrangement to drum up support from more bondholders and other creditors, which the group says it has been restricted from speaking to by administrators.
The airline's 12,000 or so creditors, owed nearly $7 billion, will vote on proposals to buy the airline or liquidate the group at a meeting on or before September 4. Bondholders are one of the more significant groups by value.
They say their plan would deliver between 50˘ and 67˘ on the dollar to bondholders who elect to participate in the new capital raising. Under the proposal, the return for those who do not is estimated to be between 38˘ and 47˘ on the dollar.
Bain has already injected $125 million to ensure the business remains solvent until creditors approved its takeover.
Broad Peak and Tor said they would repay this interim funding.
Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at [email protected]
In a statement, the US-based private equity firm dismissed the recapitalisation proposal led by Broad Peak Investment Management and Tor Investment Advisers, which are owed $300 million, as "not credible", "incomplete" and "indicative".
Deloitte says it is not going to consider the alternative proposal after signing a binding deal with Bain Capital for Virgin Australia.Under the hedge funds' proposal, which is conditional on meeting Virgin management and stakeholders including unions, lessors and QIC, unsecured creditors swap their debt for shares in the airline and the two funds would underwrite an $800 million capital raising to be offered on a pro-rata basis to all creditors. Virgin would then be relisted on the ASX.
In its statement, Bain also said it does not believe in "side deals" and the funds are "trying to frustrate the administration process by creating as much noise and interference as possible".
"The two hedge funds recently approached Bain Capital. It wouldn’t take much to imagine what they are seeking. Bain Capital has rejected the proposal. Bain Capital believes that similarly situated creditors should be treated equally and that there should be no side deals," the private equity firm said in a statement.
A Bain Capital spokesman declined to give further details.
The bondholder group have previously attempted to unseal the confidential terms of Virgin's proposed sale to Bain in the Federal Court, and sought a Takeovers Panel intervention to ensure they can put their proposal to creditors for a vote at that September meeting. On Tuesday, the latest Federal Court legal appeal to ensure the proposal is put on the ballot and a facilitator between the group and the administrator was adjourned until next week.
Ruled out by Deloitte
In a statement, a spokesman for the bondholder group said it was standard to meet with the preferred bidder about expected returns."As is usual in many voluntary administration processes, we have held discussions with Bain Capital to examine various options for an appropriate recovery for all creditors, including the bond holders," the statement said.
"We continue to progress our proposal and have been heartened by the widespread support for our proposal in recent days."
Administrators Deloitte has already said it would not consider the alternative proposal after naming Bain Capital as its preferred bidder.
"While it is open to any party to submit an alternative proposal, it cannot be considered by the administrators, or recommended to creditors, given the binding agreement already in place," the administrator said.
The Australian Financial Review's Street Talk column reported this week that Faraday, which was advising the bondholder group, has been sidelined from the process.
On Friday, the bondholder group circulated a summary of a proposed deed of company arrangement to drum up support from more bondholders and other creditors, which the group says it has been restricted from speaking to by administrators.
The airline's 12,000 or so creditors, owed nearly $7 billion, will vote on proposals to buy the airline or liquidate the group at a meeting on or before September 4. Bondholders are one of the more significant groups by value.
They say their plan would deliver between 50˘ and 67˘ on the dollar to bondholders who elect to participate in the new capital raising. Under the proposal, the return for those who do not is estimated to be between 38˘ and 47˘ on the dollar.
Bain has already injected $125 million to ensure the business remains solvent until creditors approved its takeover.
Broad Peak and Tor said they would repay this interim funding.
Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at [email protected]
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For goodness sake she still got that chainsaw in her hands, would someone please take it off her.
So the play by Bain would presumably be if the new ultra-flexible award level salary agreement doesn’t get voted up then they threaten to make 200~250 more 737 pilots redundant.
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Standard industrial play - make a low-ball offer before negotiations even begin, then your opponent won’t feel so insulted by your “real” offer, no matter how insulting it may actually be...
You still haven’t seen the claws or smelt the rotting breath of this vampire. Nothing you can think of in your worst nightmares is impossible as long as it’s legal. Don’t you realise that you are standing between the Bain staff and a generational fortune? Some of you still don’t get it. These guys are going to walk away with fortunes that will support their great grandchildren. That is why I keep reminding you about their exit strategy.
When you sit down at table with them remember that. What is at stake is your salary versus them becoming rich beyond the dreams of avarice. Plan accordingly.
When you sit down at table with them remember that. What is at stake is your salary versus them becoming rich beyond the dreams of avarice. Plan accordingly.