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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. |
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 |
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.
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Interesting quote.
Many of the 6,000 of the job losses we're announcing are people who have spent decades here |
Originally Posted by WannaBeBiggles
(Post 10820008)
Interesting quote.
RIN on the 747 and 380 fleet? 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.
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Originally Posted by dragon man
(Post 10820025)
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. |
Originally Posted by SandyPalms
(Post 10820004)
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.
There are plenty of narrowbodies still grounded right now. |
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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Well that's that, it was inevitable but I guess a lot where living in hope!
A new era has dawned. |
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Originally Posted by dragon man
(Post 10820025)
220 pilots to retire ? Not a chance they won’t even get that many without a good VR.
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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.. |
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? |
Originally Posted by normanton
(Post 10820050)
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? Age discrimination laws will probably prevent them from setting age restrictions on the ability to take a package. |
Originally Posted by Fonz121
(Post 10820041)
Joyce just said A380 to be out for three years. Will that change a few minds?
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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 |
3 years is the length of this recovery plan. I suggest that is the rational behind the 3 years comment. I doubt we will see it again.
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Ah another thread on qf from bnea320
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Originally Posted by SandyPalms
(Post 10820033)
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.
bird in the hand and all that |
Originally Posted by ExtraShot
(Post 10820042)
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.. yep not just jumbo crew. |
It is the group. Mainline is the largest proportion, but it’s not all mainline.
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"Can a stand down be indefinite?"
*words but not an actual answer* |
There is “significant uncertainty” as to when flying levels will support the return of the A380. Joyce said he regretted the staff losses but the “crisis has left us no choice” and that he’s committed to providing those affected with as much support as he can. “That includes preserving as many jobs as possible through stand-downs, offering voluntary rather than compulsory redundancies where possible, and providing large severance payouts for long-serving employees in particular,” he said. |
Originally Posted by maggot
(Post 10820087)
"Can a stand down be indefinite?"
*words but not an actual answer*
Originally Posted by SandyPalms
(Post 10820086)
It is the group. Mainline is the largest proportion, but it’s not all mainline.
But it’s also 220 positions surplus. Not wholesale redundancies, they could be dealt with via LWOP, via reduced rosters, part time rosters, month on month off etc. Combine that to the expected upcoming retirements and I think we’ll be a long way from any CR |
VR will be for pilots over 60 based on time remaining till 65. What that figure is I have no idea but I do know that the American Airlines scheme appealed to them . They were getting 50 hours a month pay till 65.
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Originally Posted by dr dre
(Post 10820095)
The words from management have been quite clear, as long as they are planning on your airplane coming back into service at some point then yes you can be stood down until that time.
Maybe JQ 787 as well? But it’s also 220 positions surplus. Not wholesale redundancies, they could be dealt with via LWOP, via reduced rosters, part time rosters, month on month off etc. Combine that to the expected upcoming retirements and I think we’ll be a long way from any CR |
Originally Posted by maggot
(Post 10820107)
does jetstar have LOFO?
Yes they do apparently |
Flight attendants seem to have been spared relatively speaking. Not much point getting rid of cheap QCCA but I would’ve thought with huge international reductions more would go. Maybe MAM all go to zero and some international are sent to domestic.
How many ground crew are there currently employed? Can’t tell if 1500 is a major percentage or not. Swissport will be cheering assuming they still exist in the future. Jetstar might get punished for going on strike. More engineers gone, plenty might go voluntarily, many have 40+ years of service. The office critters hit hard again another 1500 gone. All IT contractors gone...lucky the company doesn’t rely too heavily on functional IT systems... |
Jetstar Asia are having redundancies as well.
https://www.straitstimes.com/singapo...5+11%3A00%3A17 SINGAPORE - Budget carrier Jetstar Asia is cutting a quarter of its mainly Singapore-based workforce in July as part of "difficult but necessary decisions".The cuts of up to 180 people across all parts of its business affect 26 per cent of Jetstar Asia's workforce, even as most of its remaining employees will stay furloughed until the end of the year. The announcement comes on Thursday (June 25) as the Qantas Group, which includes Jetstar, detailed its post-Covid-19 recovery plan. The three-year plan will involve measures including reducing the group's pre-crisis workforce by at least 6,000 people across all job roles, from baggage handlers to corporate non-flying workers. The early retirement of some planes and possible return of leased aircraft also means some 220 pilots will have to be let go. Jetstar Asia chief executive officer Bara Pasupathi said the "single biggest shock to the aviation industry" caused by the pandemic has forced tough decisions so the airline can "remain agile while staying true to our low-cost DNA". Five Airbus A320 aircraft from Jetstar Asia's fleet will be retired, reducing the budget carrier's total fleet to 13 aircraft. "There is no doubt that the travel market will look very different moving forward, so it is imperative that we change and adapt," he said in a statement. "Singapore and Changi Airport remain a strategic footprint for Jetstar Asia and the Qantas Group and we look forward to growing passenger numbers further through innovation and enhancing the customer experience in the future." He thanked the Singapore Government which "acted swiftly and decisively" to support the aviation sector through its budget measures, which have helped mitigate the situation. The aviation industry and tourism sector are eligible for the highest tier of support provided by the Government's Jobs Support Scheme announced in April, qualifying for 75 per cent wage support throughout the nine months that the scheme is in effect. Qantas Group said it still expects to break even for the financial year ending in September despite the significant reduction in revenue due to the coronavirus. It has needed to take "swift action to reduce its cash burn as travel demand evaporated". |
Originally Posted by SandyPalms
(Post 10820086)
It is the group. Mainline is the largest proportion, but it’s not all mainline.
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I reckon I’d speak for the guys that do actually care over the road,but to any and all of our brothers and sisters in arms that may be affected by this,genuine thoughts and sympathies from a humble,currently-stood -down- but-hopeful line driver at VA.
Cheers...and hold fast. |
I note that the 380's are going to be stored in the USA, anyone have an idea why they wouldn't be stored at Alice Springs ?
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Originally Posted by Renton Field
(Post 10820123)
I reckon I’d speak for the guys that do actually care over the road,but to any and all of our brothers and sisters in arms that may be affected by this,genuine thoughts and sympathies from a humble,currently-stood -down- but-hopeful line driver at VA.
Cheers...and hold fast. |
Looks like it’s hitting Jetstar NZ as well. I like the way they have said all along no redundancy. Look how true that turned out to be.
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Originally Posted by Arnold E
(Post 10820132)
I note that the 380's are going to be stored in the USA, anyone have an idea why they wouldn't be stored at Alice Springs ?
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Originally Posted by dr dre
(Post 10820095)
The words from management have been quite clear, as long as they are planning on your airplane coming back into service at some point then yes you can be stood down until that time.
If there are no government restrictions imposed, the stand downs cease. Then they are dealing with a business issue - if there aren’t enough customers. If they decide they are overstocked with staff, then they need to follow the relevant EAs with respect to redundancies etc. Irrespective of what is implied, you can’t be kept stood down forever - I wish people would realise this. It’s not up to the company to decide when it applies - otherwise no one would ever be made redundant - they’d just be stood down indefinitely.. that’s not how IR law works. |
Maybe they can start from the top. For such a small airline does quantas really need 5 CEOs?
https://www.qantas.com/au/en/qantas-...eadership.html |
Originally Posted by KRUSTY 34
(Post 10820122)
Just to be clear. Does “The Group” include Jetstar and Qantaslink (ie Eastern/Sunstate). In terms of Seniority based CR that is?
Its all very confusing when they don't actually stipulate individual entities. I think for QantasLink (Dash) they will be OK - As for the Q300 I believe their time is limited...The 380 equivalent. Theres a spot for them (somewhere) but the 787 (Q400) does whats needed for the indefinite future. Enjoy your seat however, doubt there will be any positive movement for quit sometime. |
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