AFR - Virgin Administrators come under fire for doubtful forecasts
Only if the creditors agree.
Despite how this is presented, it is the creditors NOT the administrators that are in the driving seat.
PS. The unsecured creditors are screwed.
Despite how this is presented, it is the creditors NOT the administrators that are in the driving seat.
PS. The unsecured creditors are screwed.
Originally Posted by Icarus2001
Only if the creditors agree.
Despite how this is presented, it is the creditors NOT the administrators that are in the driving seat.
PS. The unsecured creditors are screwed.
Despite how this is presented, it is the creditors NOT the administrators that are in the driving seat.
PS. The unsecured creditors are screwed.
Company I was at that eventually got liquidated went Receivers appointed -> Administration --> Refinance and receivers retired --> Still under administration --> New financier receivers appointed ---> liquidation
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Where is the QLD government in all this, they're quiet now, are they one of the 4 or are they teaming up and with whom would it be. After that diabolical interview Mr Dick done with Karl Stefanovic last week I hope they have nothing to do with VA 2.0.
The latest news from Sand Pit is disturbing. Rumours of Etihad folding and Emirates downsizing with the majority of the A380's being mothballed and staff being reduced by 30,000. This will make the administrators role to get as much as they can out of Virgin to satisfy the creditors difficult. The administrator is saying there will be no Virgin retrenchments is hilarious and Virgin flight credits honored post administration even more hilarious.
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Makes sense Etihad, Emirates and Qatar will be in for some very tough times how long they can sustain the down turn is anyone’s guess. Even easy jet, Ryan air and BA that primarily do EU.
QF, JQ and VA have the advantage of a domestic network as Australia is a large country as long as the premiers come to the party. Anastasia was on the news earlier she said QLD is closed and boarders will remain closed until September as they want two incubation cycles without a covid case.
QF, JQ and VA have the advantage of a domestic network as Australia is a large country as long as the premiers come to the party. Anastasia was on the news earlier she said QLD is closed and boarders will remain closed until September as they want two incubation cycles without a covid case.
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as they want two incubation cycles without a covid case.
That was never supposed to be the game plan. If it is now, they need to come clean with the public as it’s extremely unlikely with the easing of restrictions that we will ever achieve that. This thing is here to stay. We need to find a way to manage it.
The point of the suppression strategy was to buy time
to enhance the health system’s capacity to manage an increase in COVID cases, not for it to morph in to an elimination strategy.
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Originally Posted by B772
The administrator is saying there will be no Virgin retrenchments is hilarious and Virgin flight credits honored post administration even more hilarious.
The direction of the media is now that Deloitte are trying to retain as many jobs as possible in VA mk 2, that would mean they do see a requirement for redundancies yes?
Originally Posted by Ragnor
Anastasia was on the news earlier she said QLD is closed and boarders will remain closed until September as they want two incubation cycles without a covid case.
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You live in Melbourne....that's very unfortunate, but anyway, say you live in Melbourne...you fly to ADL, thence on to BNE or OOL??
And this is different from going direct Melb to OOL / BNE?
And this is different from going direct Melb to OOL / BNE?
Originally Posted by Con Catenator
One of the bidders has made the point that Virgin's liquidity position remained a going concern, with the central question being whether the airline could make it to the second creditors' meeting in August and still be solvent. So, the question is why would anyone bid for the company now, when it would be much cheaper to wait for receivership which would remove all liabilities to creditors and allow a clean slate to start again? 
The Fin Review today!
https://www.afr.com/companies/transp...0200518-p54tvt
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I would imagine after hearing some of the news broadcasts today about WA & QLD borders staying closed far longer than anticipated
it's becoming hard to see a VA 2.0. (Hope I'm wrong though) WA premier even stating indefinite closure.
it's becoming hard to see a VA 2.0. (Hope I'm wrong though) WA premier even stating indefinite closure.
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Problem with waiting for receivership is that you lose the AOC and all the instruments. 5+ years to get all that back. Meanwhile REX is up and running as well. Best bet is to get in now and at least keep everything in order.
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REX is a looooong way off from being a jet operator, also 200m wouldn’t even come close.
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I mean this post for no ill intent but to clear the perceptions made already with a true reality check with from the inner circle.
Your unions have already been briefed for the number of losses on the way, for each workgroup and entity. This was included in the brief to the bidders.
The business is easier to buy at a fire sale than a garage sale. (Doesn't take a genius to work out what I'm indicating).
The Bain meeting only took 32mins from the ELT presentation and was cut short at their request. Its clear they intend to run the business their own way.
Strawberry man hasn't returned any of Paul's calls since the presentations, nor that of the ELT this week.
Any hope information or perceptions intended for you to believe on Workplace is false, its their 'insurance' plan due to the prominent mental health issue the business has. (Lu dropped in convo their premium's had increased 31% because of recent incidents).
The Scurrah was never here for a long time, just a quick one. His history is of commitment to roles is barely 3 years and doesn't exactly leave a path of profitability from past organizations.
The remarks of #trustPaul etc, and #paul4pm are cringe worthy and shows the toxic culture VA has bred into their staff.
Anyone holding hope the Business will return to the size and complexity it was, is drunk at the wheel. Use this time to upskill and contingency plan, you'll likely need it.
Your unions have already been briefed for the number of losses on the way, for each workgroup and entity. This was included in the brief to the bidders.
The business is easier to buy at a fire sale than a garage sale. (Doesn't take a genius to work out what I'm indicating).
The Bain meeting only took 32mins from the ELT presentation and was cut short at their request. Its clear they intend to run the business their own way.
Strawberry man hasn't returned any of Paul's calls since the presentations, nor that of the ELT this week.
Any hope information or perceptions intended for you to believe on Workplace is false, its their 'insurance' plan due to the prominent mental health issue the business has. (Lu dropped in convo their premium's had increased 31% because of recent incidents).
The Scurrah was never here for a long time, just a quick one. His history is of commitment to roles is barely 3 years and doesn't exactly leave a path of profitability from past organizations.
The remarks of #trustPaul etc, and #paul4pm are cringe worthy and shows the toxic culture VA has bred into their staff.
Anyone holding hope the Business will return to the size and complexity it was, is drunk at the wheel. Use this time to upskill and contingency plan, you'll likely need it.
Didrechambers777
Have to agree with you on this. I would be surprised if Virgin had more than 20 planes at relaunch. If it comes back at all.
It's not being nasty, just reality.
Have to agree with you on this. I would be surprised if Virgin had more than 20 planes at relaunch. If it comes back at all.
It's not being nasty, just reality.
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Most CEO's bring their own people and clear the decks in the first 6 months, instead he had no one except Caz, Courtz and old Fiddly Fingers (more on the row 30 incident later).
They had their little pow-wow at the former Skase complex, Marina Mirage last year.... "Red Hot and relevant", they spruiked the 4 year road map ahead and how strong a position we're in and how the special sauce is back... again it was just hype. And so the COO was appointed, late night chats and a tap on the shoulder you have someone's first C-suite gig at an organisation that size and complexity, with other experience. Righto, that's recipe for success. The same person who contributed to the complexities now tasked to undo it all.... ha!
I don't think its Paul its more so the hype reel Dani's feeding him, besides she's just the contact book for Richard. Still making demands to stay at the Calile at every visit for $290 a night.
And so they pulled up the following morning for a training session with the Suns at 6am, after "pool time with paul'', few dusty, few knew they were on the way out and others knew they were on the way up. But where was the plan? What was it?
The plan was, there was no plan. Just slash and burn. That blacked out room in Alpha Ground with the hype reel on the outside, is empty. I'm sure the bidders are asking themselves, was this ever going to work with that volume of debt?
Who knows? But the 750 jobs never came close, it ended at 349. The second sweep was already underway after Keith screamed across the table "there won't be an airline in 12 months if you keep at this snail pace", that was Feb2020.
They knew they were in trouble, pre-covid and the H1 results spoke for themself. Tried to glaze COVID all over it, but it didn't affect Aus until late Jan/Feb.
They had their little pow-wow at the former Skase complex, Marina Mirage last year.... "Red Hot and relevant", they spruiked the 4 year road map ahead and how strong a position we're in and how the special sauce is back... again it was just hype. And so the COO was appointed, late night chats and a tap on the shoulder you have someone's first C-suite gig at an organisation that size and complexity, with other experience. Righto, that's recipe for success. The same person who contributed to the complexities now tasked to undo it all.... ha!
I don't think its Paul its more so the hype reel Dani's feeding him, besides she's just the contact book for Richard. Still making demands to stay at the Calile at every visit for $290 a night.
And so they pulled up the following morning for a training session with the Suns at 6am, after "pool time with paul'', few dusty, few knew they were on the way out and others knew they were on the way up. But where was the plan? What was it?
The plan was, there was no plan. Just slash and burn. That blacked out room in Alpha Ground with the hype reel on the outside, is empty. I'm sure the bidders are asking themselves, was this ever going to work with that volume of debt?
Who knows? But the 750 jobs never came close, it ended at 349. The second sweep was already underway after Keith screamed across the table "there won't be an airline in 12 months if you keep at this snail pace", that was Feb2020.
They knew they were in trouble, pre-covid and the H1 results spoke for themself. Tried to glaze COVID all over it, but it didn't affect Aus until late Jan/Feb.
Originally Posted by didrechambers77
I mean this post for no ill intent but to clear the perceptions made already with a true reality check with from the inner circle.
Your unions have already been briefed for the number of losses on the way, for each workgroup and entity. This was included in the brief to the bidders.
The business is easier to buy at a fire sale than a garage sale. (Doesn't take a genius to work out what I'm indicating).
The Bain meeting only took 32mins from the ELT presentation and was cut short at their request. Its clear they intend to run the business their own way.
Strawberry man hasn't returned any of Paul's calls since the presentations, nor that of the ELT this week.
Any hope information or perceptions intended for you to believe on Workplace is false, its their 'insurance' plan due to the prominent mental health issue the business has. (Lu dropped in convo their premium's had increased 31% because of recent incidents).
The Scurrah was never here for a long time, just a quick one. His history is of commitment to roles is barely 3 years and doesn't exactly leave a path of profitability from past organizations.
The remarks of #trustPaul etc, and #paul4pm are cringe worthy and shows the toxic culture VA has bred into their staff.
Anyone holding hope the Business will return to the size and complexity it was, is drunk at the wheel. Use this time to upskill and contingency plan, you'll likely need it.
Your unions have already been briefed for the number of losses on the way, for each workgroup and entity. This was included in the brief to the bidders.
The business is easier to buy at a fire sale than a garage sale. (Doesn't take a genius to work out what I'm indicating).
The Bain meeting only took 32mins from the ELT presentation and was cut short at their request. Its clear they intend to run the business their own way.
Strawberry man hasn't returned any of Paul's calls since the presentations, nor that of the ELT this week.
Any hope information or perceptions intended for you to believe on Workplace is false, its their 'insurance' plan due to the prominent mental health issue the business has. (Lu dropped in convo their premium's had increased 31% because of recent incidents).
The Scurrah was never here for a long time, just a quick one. His history is of commitment to roles is barely 3 years and doesn't exactly leave a path of profitability from past organizations.
The remarks of #trustPaul etc, and #paul4pm are cringe worthy and shows the toxic culture VA has bred into their staff.
Anyone holding hope the Business will return to the size and complexity it was, is drunk at the wheel. Use this time to upskill and contingency plan, you'll likely need it.
Not like I can go overseas either.
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Originally Posted by Servo
That's the horrible reality mate, how can I upskill in this environment and have a contingency? All I know is aviation. I only have one skill. Many factors have annihilated our savings as a buffer, when it all goes. We will be left with nothing, no house. Zero.
Not like I can go overseas either.
Not like I can go overseas either.
