PPRuNe Forums

PPRuNe Forums (https://www.pprune.org/)
-   Australia, New Zealand & the Pacific (https://www.pprune.org/australia-new-zealand-pacific-90/)
-   -   Government Loan to Virgin Australia (https://www.pprune.org/australia-new-zealand-pacific/631164-government-loan-virgin-australia.html)

Icarus2001 22nd Apr 2020 11:34


Now VA says they have 10+ buyers in the winds! So that magically happened overnight? I think Scurrah was taking the piss out of the tax payer, and quite frankly the piss out of Tigerair and VANZ staff that he just sacked on a dime.
Yes interesting point but the "magnificent ten" are only interested now that the company is in voluntary administration, which gives the real possibility of walking away from the debt and grabbing a bargain. Only if creditors play ball of course. Also a malevolent former owner (an airline say) could make the process very difficult if they see a strategic advantage down the track.

Synergies 22nd Apr 2020 12:14


Originally Posted by Turnleft080 (Post 10756833)
Oh! JB I hope you get a good night sleep tonight you derserve it. I hope your proud of your 10 years. Hope your shiny cars are sparkling as well.
They are so much more important than my heart attack I'm about to have. But don't worry about that JB you'll be fine.

Yep, pretty much sums it up !! ( take 2 😊 )

chookcooker 22nd Apr 2020 12:59


Originally Posted by burned_out (Post 10759009)
Thank God(us tax payers) that the govt held strong and didnt bail out VA. This would have been a bad signal to interfere way to much into the market and for tax payer money to be very badly spent on a risky loan to VA.
Now VA says they have 10+ buyers in the winds! So that magically happened overnight? I think Scurrah was taking the piss out of the tax payer, and quite frankly the piss out of Tigerair and VANZ staff that he just sacked on a dime.
What an arse IMHO.

what market??

Fliegenmong 22nd Apr 2020 13:04

Wondered where the 'True believer' had gotten to.

Lol!.. you funny bugger, guess you'll run to the Mods again now that it gets too hot for you huh?..."Oh Miss! Miss!!..Fliegenmong said..."

ha ha dobber!...get beaten up much as a kid did you buster?...pathetic..


normanton 22nd Apr 2020 13:31

Why would creditors allow someone to come in and buy it debt free when they can just liquidate the company and at least get something back? What am I missing here.

chookcooker 22nd Apr 2020 13:43

Because the whole is worth more than the sum of its parts.

No Idea Either 22nd Apr 2020 13:52


Originally Posted by normanton (Post 10759137)
What am I missing here.

Obviously a lot Norm.......

Buster Hyman 22nd Apr 2020 14:04


Originally Posted by Fliegenmong (Post 10759102)
ha ha dobber!...get beaten up much as a kid did you buster?...pathetic..

"Dobber"...you really are 12!

KABOY 22nd Apr 2020 14:07


Originally Posted by No Idea Either (Post 10759165)
Obviously a lot Norm.......

The best analogy for this situation is buying a phosphate mine in Nauru with all the heavy equipment included.

You buy it for a bargain, but what is the value of the business?


34R 23rd Apr 2020 01:54


Originally Posted by inthenightgarden (Post 10759164)
I don't understand how PS can say there will be no redundancies. Is that not a decision the new investors/owners will make assuming they get one? He may well be first out the door.

There will be no redundancies during administration. Assuming a new investor/investors are found, once the new entity is formed then that may no longer be the case as it moves out of administration.

Ragnor 23rd Apr 2020 01:54

Interesting article in SMH today, Pg 20 Business section. Could it be VA has messed this administration up by using Deloitte?

Buster Hyman 23rd Apr 2020 02:03

Well whaddya know....:mad::mad:

But there is intense industry speculation the appointment could be challenged by KordaMentha, a rival firm. Industry sources made it clear on Wednesday that KordaMentha would like to be the administrator to Virgin.

In the past, KordaMentha successfully leveraged its relationship with unions to replace Grant Thornton as administrator of steel maker Arrium in 2016. It also took over the administration of Ansett in 2002, but in the years later faced criticism over how long that work took.


Section28- BE 23rd Apr 2020 02:13

Article ex ABC- Queensland prepares for economic fallout amid Virgin administration
 
Link here: https://www.abc.net.au/news/2020-04-...llout/12170160

Rgds
S28- BE

Section28- BE 23rd Apr 2020 02:24

Strewth Buster- WOW...........:eek::oh::cool:

Now we have The Band, accompanied by the original Percussion/& String Sections- with the original Road Crew (using the very same Playbook....)..............!!!

Rgds
S28- BE

Buster Hyman 23rd Apr 2020 03:29


Originally Posted by Section28- BE (Post 10759763)
(using the very same Playbook....)..............!!!

Indeed. The original Administrators for Ansett were dumped, rather tearfully actually, in order for KordaMentha to start their new business....for those unaware.

rattman 23rd Apr 2020 03:40


Originally Posted by Buster Hyman (Post 10759790)
Indeed. The original Administrators for Ansett were dumped, rather tearfully actually, in order for KordaMentha to start their new business....for those unaware.

Thought it was the administrators were working for another company (andersons) and when they company appointed them administrators they left and formed their own company (kordamentha)

DanV2 23rd Apr 2020 03:48


Originally Posted by rattman (Post 10759793)
Thought it was the administrators were working for another company (andersons) and when they company appointed them administrators they left and formed their own company (kordamentha)

Air New Zealand originally appointed PriceWaterhouseCoopers (PWC) as AN's administrators. Due to hostility by unions and other creditors, PWC was dumped in favour of Arthur Anderson who appointed Korda and Mentha (Both guys consequently left Arthur Anderson and formed their own company KordaMentha).

Paragraph377 23rd Apr 2020 04:00

Perhaps Kordamentha have shit in their own nest by the way they managed Ansett’s Administration? Aviators have long memories. Dragging out the Ansett Administration process and gleaning millions of dollars from potential creditors pockets so as to line their own could be the reason why they have not been successful this time around? Just a hypothesis.

ECAMACTIONSCOMPLETE 23rd Apr 2020 04:09

https://www.google.com.au/amp/s/amp....23-p54mi7.html

this is an excellent summary of the path Virgin should take

The Bullwinkle 23rd Apr 2020 04:44


Originally Posted by Paragraph377 (Post 10759799)
Perhaps Kordamentha have shit in their own nest by the way they managed Ansett’s Administration? Aviators have long memories. Dragging out the Ansett Administration process and gleaning millions of dollars from potential creditors pockets so as to line their own could be the reason why they have not been successful this time around? Just a hypothesis.

You’re exactly right!
KordaMentha got over the line in the Ansett case because they had support of the unions back then.
No such support this time around.
And 10,000 employees who are all creditors will certainly exceed the 50% by number vote required for Deloitte.
A lot of ex-Ansett employees are now at Virgin and even those who aren’t ex-Ansett are fully supporting Deloitte.
KordaMentha will only be interested in KordaMentha and won’t give a flying [email protected]#k for the employees.
Greedy bottom feeding scum!!!


All times are GMT. The time now is 01:36.


Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.