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. |
Originally Posted by Icarus2001
(Post 10785517)
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. 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.
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Where is the QLD government in all this, they're quiet now, |
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. |
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. |
Originally Posted by B772
(Post 10785638)
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
(Post 10785647)
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? |
Originally Posted by Con Catenator
(Post 10785482)
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? :confused:
The Fin Review today! https://www.afr.com/companies/transp...0200518-p54tvt |
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. |
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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REX is a looooong way off from being a jet operator, also 200m wouldn’t even come close. |
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. |
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. |
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. |
Originally Posted by didrechambers77
(Post 10790452)
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. Not like I can go overseas either. |
Originally Posted by Servo
(Post 10791463)
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. |
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). |
VA reminds me of the Titanic, "the pumps will buy time but only minutes", it's back is broken now all anyne can do is watch it go under leaving a wreckage of human hurt floating on the surface! -(
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If they don't have the debt holders agreement nothing will be happening. The first thing any consortium needs to find out is what the debt holders will be agreeing to. This industry will be decimated for many years to come. |
No I disagree
The ones you speak of that want to travel, the 'Rebellion' type, will do so with what little cash they have left! People are living day to day these days |
the 'Rebellion' type |
Looks like a certain creditor is exercising their rights tonight gents, look out for another episode of Changing Rooms (not sure if its featuring Susie Willks)
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Originally Posted by wishiwasupthere
(Post 10791621)
There must be plenty of that type where I live. It took 20 minutes to find a parking spot at the shopping centre yesterday, it was like the lead up to Christmas! Look at the beaches in Europe, humans have very short memories.
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ex itnews: Virgin Australia's loyalty CIO decamps to icare NSW
Link here: https://www.itnews.com.au/news/virgi...are-nsw-548555
Extract here:
Virgin Australia's loyalty CIO decamps to icare NSW By Justin Hendry May 26 2020 12:07PM https://i.nextmedia.com.au/Utils/Ima...&w=480&c=0&s=1 Caroline Rockett Moves on after two years.The chief information officer in charge of Virgin Australia’s loyalty scheme has made the jump to the NSW government’s nominal insurer after almost two years.Caroline Rockett, who has been with Velocity Frequent Flyer since September 2018, joined icare NSW this week as its new digital and technology group executive. She assumes the responsibility from chief operating officer Rob Craig, who has been acting in the role......................................... S28 |
Originally Posted by didrechambers77
(Post 10792498)
Looks like a certain creditor is exercising their rights tonight gents, look out for another episode of Changing Rooms (not sure if its featuring Susie Willks)
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Originally Posted by Blackout
(Post 10793513)
Vis- Number and Value/Value and Number........ Rgds S28- BE |
.........../‘what ‘do’.../ you.... -smoke-?— when ‘you’ type matey? F*@$ me you’re hard to follow.
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I got it on the 5th pass, speaks in riddles.
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re Section28 - BE, I can get into twisted elms, and grin, the intoxicated crackpot jailer is a prankster
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Originally Posted by Blackout
(Post 10794438)
It appears there was some media intervention today, in a certain Workplace group, that prevented the 'heavy hitting' questions getting answered. Very tactile and, for release at the right time.
The Kudos and Fluff continues. |
I can translate for you.
The “Dynamic Duo” 🤦♂️ Said sweet F*** all. Which is unsurprising in the least. The “fluff” otherwise known as manure continues. The whole thing reminds me of when I tell “The Boss” I’m only out for a few and I’ll be home by 10pm. I know the truth, she knows the truth and we both know where it will end up. But we play the game anyway. Only thing is, this isn’t a game and is far less funny in the morning. |
Originally Posted by anonfly
(Post 10794617)
I can translate for you.
The “Dynamic Duo” 🤦♂️ Said sweet F*** all. Which is unsurprising in the least. The “fluff” otherwise known as manure continues. The whole thing reminds me of when I tell “The Boss” I’m only out for a few and I’ll be home by 10pm. I know the truth, she knows the truth and we both know where it will end up. But we play the game anyway. Only thing is, this isn’t a game and is far less funny in the morning. emphasis on specifically |
Originally Posted by chookcooker
(Post 10794672)
Specifically what did you want to know about?
emphasis on specifically On that note the best source of information is likely to be the AFR, due to it being known that businesses involved in the process “leak” information to gain a competitive advantage. Like all things, take it with a pinch of salt. Sift through it all and you can gain some semblance of a incomplete picture. I was just translating for normanton at the end of the day. They asked a question, I thought I could offer an answer. |
Originally Posted by Blackout
(Post 10794807)
I was referring to the 'heavy hitting' questions asked by some of the employees (most nothing to do with confidentiality), being ignored. This is perhaps due to a certain 'media presence' in which, will be tactically released end of next month. A documentary for all!
If you really know something, then say it. If you don't know anything don't say "wait until....", just keep quiet. |
Originally Posted by chookcooker
(Post 10794672)
Specifically what did you want to know about?
emphasis on specifically |
Originally Posted by -41
(Post 10795203)
Perhaps CEO selling the single fleet type to bidders whilst conveying the opposite with staff. Could be a mixed message to the sheep on Corporate Facebook.
The garbage that's sprouted on the Corporate Propaganda Website is sickening. What's worse are some of the comments from the gullible masses, some of whom who fed from the trough with such vigour they can't help but regurgitate the swill. Anyone with a modicum of intelligence could see all the problems that are now being amazingly being discovered years ago. A basic principle lost at Virgin was honesty keeps things really simple. |
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