Australia, New Zealand & the Pacific Airline and RPT Rumours & News in Australia, enZed and the Pacific

The future of VARA?

Old 4th Aug 2020, 10:58
  #121 (permalink)  
 
Join Date: Jul 2007
Location: BAO
Posts: 441
ex: the FED COURT- Hughes, in the matter of Vah Newco No. 2 Pty Ltd.....

Judgment, ex the Proceedings of 30 July 2020- published today 04/08/2020.

Shall just drop this here, 'should' it be of interest: https://www.fedcourt.gov.au/__data/a...0-FCA-1121.pdf

rgds all
S28- BE

Section28- BE is offline  
Old 4th Aug 2020, 23:33
  #122 (permalink)  
 
Join Date: Jul 2007
Location: BAO
Posts: 441
ex ASX: ASX RELEASE Virgin Australia Holdings.......

ASX Link here: https://www.asx.com.au/asxpdf/202008...hmj7fsgdg4.pdf

Extract:

The Group will move to an all-Boeing 737 mainline fleet for domestic and short haul operations which will see the removal of ATR, Boeing 777, Airbus A330 and Tigerair Airbus A320 aircraft. The Group’s regional and charter fleet will remain, while the company reviews options at Virgin Australia Regional Airlines (VARA), including different operating models to support continued regional and charter flying.
rgds
S28- BE
Section28- BE is offline  
Old 5th Aug 2020, 00:52
  #123 (permalink)  
 
Join Date: May 2016
Location: Sunshine Coast
Posts: 223
Originally Posted by Section28- BE View Post
Judgment, ex the Proceedings of 30 July 2020- published today 04/08/2020.

Shall just drop this here, 'should' it be of interest: https://www.fedcourt.gov.au/__data/a...0-FCA-1121.pdf

rgds all
S28- BE
So this would be one of the more interesting pieces.

FACTUAL BACKGROUND

13 On 7 June 2018, Mr Hughes was engaged by the Virgin Group to assist in deregistering or winding up dormant entities or entities with limited or no assets within the Virgin Group.

14 The Companies were identified as falling into that category and, on 26 April 2019, Mr Hughes was appointed as the liquidator of each of the Companies pursuant to s 491(1) of the Corporations Act 2001 (Cth) (the ‘Corporations Act’) by special resolution passed by Virgin Australia Airlines Holdings Pty Ltd, the sole shareholder of each of the Companies. Declarations of solvency were signed by the directors.

15 The Liquidator prepared statutory lodgements and invited proofs of debt to be lodged, but thus far no proofs have been lodged and no claims have been notified.

16 While it was initially thought that the Companies were dormant entities with no liabilities, Mr Hughes says he now understands that:

(1) VB Investco and VAH Newco 2 is each a party to a deed of cross-guarantee dated 18 June 2007 (the ‘DOCG’), including with certain other companies in the Virgin Group, which provides that upon the winding up of an entity to the DOCG (either in insolvency or as a creditor voluntary winding up), each other entity to the DOCG is liable for its debts; and

(2) VAH Newco 2 is a guarantor of the following notes (the ‘Notes’) issued by VAH:

(a) the ‘VAH Unlisted 2018 Notes’: AUD$150,000,000 (face value) of 8.25% unsecured Fixed Rate Notes issued by VAH on 30 May 2018 and due for repayment on 30 May 2023;

(b) the ‘VAH Unlisted 2019 Notes’: AUD$250,000,000 (face value) of 8.075% unsecured Fixed Rate Notes issued by VAH on 5 March 2019 and due for repayment on 5 March 2024; and

(c) the ‘USD 2016 Senior Notes’: USD$350,000,000 (face value) of 7.875% Senior Notes issued by VAH and due for repayment on 15 October 2021.
Mr Hughes was appointed two years ago to tidy up dormant corporate entities and not only hadn't he managed to make much headway in that period, it took the business being placed into administration for him to realise that two of companies that he was meant to have been liquidating weren't dormant at all.
MickG0105 is offline  
Old 5th Aug 2020, 01:04
  #124 (permalink)  
 
Join Date: Feb 2001
Posts: 173
June 2018 'Engaged'
April 2019 'Declaration'
July 2020 'Affidavit'

Im sure there is more to it.

Im certain there is more coming regarding the whole VA Administration process, which quite frankly, has been somewhat a debacle so far!
Blackout is offline  
Old 5th Aug 2020, 01:41
  #125 (permalink)  
 
Join Date: Jul 2007
Location: BAO
Posts: 441
Yes and Yes, Indeed.

rgds
S28- BE
Section28- BE is offline  
Old 5th Aug 2020, 02:23
  #126 (permalink)  
 
Join Date: Feb 2001
Posts: 173
This is also an interesting piece:

44. As to the orders staying the windings up, it was submitted that:

(1) there is presently a proposed restructure of the entire Virgin Group (including the Companies) as part of the Bain Transaction;

(2) a continuation of the liquidations while that occurs would be duplicative and wasteful; and

(3) the windings up are not terminated at this point, such that the Court retains the discretion to consider (at a later point) whether it is in the creditors’ interests that that occur.
Blackout is offline  
Old 5th Aug 2020, 04:32
  #127 (permalink)  
 
Join Date: May 2002
Location: In a box
Posts: 262
Originally Posted by MickG0105 View Post
So this would be one of the more interesting pieces.



Mr Hughes was appointed two years ago to tidy up dormant corporate entities and not only hadn't he managed to make much headway in that period, it took the business being placed into administration for him to realise that two of companies that he was meant to have been liquidating weren't dormant at all.
I wonder how much Mr Hughes was being paid for that little job. White collar crime, it should be called. That is dragging it out and making money when not doing the job your are paid for. Handsomely as well, I bet.
Servo is offline  
Old 7th Aug 2020, 03:25
  #128 (permalink)  
ebt
 
Join Date: Feb 2006
Location: Perth
Posts: 179
Originally Posted by whisperjet146 View Post
Is it listed online anywhere?
She’s had quite an operational history.
Given what alliance just paid for their E190 deal it mustn’t be worth much.

That guy in NZ, Mike Pero is yet to announce which carrier he’s partnered with on Christchurch - Rarotonga to operate charter flights.
Could’ve been some good extra revenue work for Virgin group.
Especially given they have operational experience on that route with VAINZ only a couple of years ago.
FNP is up on MyAirTrade for sale, has been for a while. Virgin bought it off Avation a couple of years ago when it came to end of lease, probably to avoid the (reportedly) tough end-of-lease conditions.
ebt is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.