QF Group possible Redundancy Numbers/Packages
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ASX announcement from Qantas that I can’t post a link to because of stupid Pprune rules. Anyway says 6,000 people to depart with an announcement later today.
google Qantas asx and you will you will find it.
Good luck everyone and our thoughts are with the 6,000 people affected by this.
google Qantas asx and you will you will find it.
Good luck everyone and our thoughts are with the 6,000 people affected by this.
https://www.afr.com/street-talk/qant...0200625-p555y3
After a long night of deliberations, Qantas Airways has launched a $1.36 billion institutional placement and unveiled its three year post-COVID recovery plan, which will see more than 100 aircraft grounded for the next 12 months.The deal – which was foreshadowed by Street Talk on Wednesday evening – was launched on Thursday morning, with the help of investment banks Macquarie and JPMorgan. It is understood Luminis Partners also advised on the deal.
The fully underwritten placement was priced at $3.65 a share, which represented a 12.9 per cent discount to Qantas' last close.
It would be followed by a $500 million non-underwritten share purchase plan.
Like all airlines, Qantas has been on equity raising watchlists since the pandemic struck but up until Thursday had resisted calls to make a trip to equity capital markets.
It raised $550 million debt in May and $1.05 billion in March to shore up its cash position.
When Thursday's share purchase plan and placement were finished, Qantas would have pro forma liquidity of $4.6 billion, with $3.6 billion in cash and $1 billion of undrawn facilities.
The announcement of the raising coincided with the release of Qantas' three year COVID-19 recovery strategy
After a long night of deliberations, Qantas Airways has launched a $1.36 billion institutional placement and unveiled its three year post-COVID recovery plan, which will see more than 100 aircraft grounded for the next 12 months.The deal – which was foreshadowed by Street Talk on Wednesday evening – was launched on Thursday morning, with the help of investment banks Macquarie and JPMorgan. It is understood Luminis Partners also advised on the deal.
The fully underwritten placement was priced at $3.65 a share, which represented a 12.9 per cent discount to Qantas' last close.
It would be followed by a $500 million non-underwritten share purchase plan.
Like all airlines, Qantas has been on equity raising watchlists since the pandemic struck but up until Thursday had resisted calls to make a trip to equity capital markets.
It raised $550 million debt in May and $1.05 billion in March to shore up its cash position.
When Thursday's share purchase plan and placement were finished, Qantas would have pro forma liquidity of $4.6 billion, with $3.6 billion in cash and $1 billion of undrawn facilities.
The announcement of the raising coincided with the release of Qantas' three year COVID-19 recovery strategy
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2900 pilots to be stood down with 220 actual job losses. I think they will get that with VR. 100 aircraft to be grounded. The group widebody fleet is only 65 aircraft so it will effect narrow body pilots around the group also.
It doesn’t specifically mention pilots, could be any of the numerous ground staff, cabin crew, engineering or office roles.
Plus I would think VR or retirements would be included in those going, and they would’ve had “decades of service”.
I think 220 pilots across the group would easily be managed with retirements and maybe a slight VR package. I’m fairly sure no CR will come out of this, for pilots at least.
Plus I would think VR or retirements would be included in those going, and they would’ve had “decades of service”.
I think 220 pilots across the group would easily be managed with retirements and maybe a slight VR package. I’m fairly sure no CR will come out of this, for pilots at least.
The announcement of the raising coincided with the release of Qantas' three year COVID-19 recovery strategy
Even with some overseas travel resuming inside that timeframe, that’s a long time for international pilots to be stood down.
220 pilots to retire ? Not a chance they won’t even get that many without a good VR.
There’ll also be a small number who take LWOP, much smaller than 2014 due to worldwide aviation being in a downturn but some do have other things lined up they can do for a few years.
In 2014 AIPA said the VR package on offer wasn’t enough, but evidently it was because enough took it in the end.
There are plenty of narrowbodies still grounded right now.
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It doesn’t say they will all come from mainline. I think there will be a VR. A “good” VR, may not happen though. Many guys will reach 65 while this is ongoing and will have to retire without any SH spots. Time will tell, but until Sept and the end of Jobkeeper nobody will do anything. It will be different when the tap turns off. I don’t think they fear being held to ransom as being paid nothing is the alternative. If people say no, they will just shrug and let time pass.
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So it’s 220 pilot positions across the group?
The 747 accounts for around 150 odd positions from mainline. So there’s 70 or so to account for from elsewhere..
The 747 accounts for around 150 odd positions from mainline. So there’s 70 or so to account for from elsewhere..
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Can the company pick and choose who they offer VR too?
Why would they offer it to anyone who is due to retire in the next 1-2 years when they know you will just remain stood down?
Why would they offer it to anyone who is due to retire in the next 1-2 years when they know you will just remain stood down?
Age discrimination laws will probably prevent them from setting age restrictions on the ability to take a package.
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Qantas A380s grounded until at least mid-2023
Alan Joyce says all A380s are off to the Mojave Desert and "will be parked for at least three years".
https://www.executivetraveller.com/n...380-retirement
https://www.executivetraveller.com/n...380-retirement
Ah another thread on qf from bnea320