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Virgin Atlantic

Old 5th Aug 2020, 07:42
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Yeh, but perhaps Virgin's PR team should have been ahead of the game and explained it better

There's a useful summary here https://www.headforpoints.com/2020/0...s-rescue-plan/

Last edited by Andy D; 5th Aug 2020 at 11:01.
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Old 5th Aug 2020, 08:16
  #582 (permalink)  
 
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Indeed, the genie is out of the bottle now, no going back. Was the same for Monarch, TC et al. Shame.
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Old 5th Aug 2020, 09:22
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Andy D

I like this little snippet from that report:

"One aircraft engine will be removed from the overdraft facility. This will allow the airline to use it as security for a further $30 million loan. (Yes, aircraft engines are so expensive – around $50 million in fact – that you only need one as security for a $30m loan!)"

I know the media and aviation are not the best bedfellows - but this takes some beating!!
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Old 5th Aug 2020, 09:55
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It is pure media spin, and this coverage will only have an impact for a couple of weeks, then the announcement that the £1.2 billion rescue package has successfully gone through the courts will hit the headlines.

Perhaps then the traveling public will then see Virgin as a safer bet, who knows.

This is a different time, compared to the demise of MON, and TCX, the vast majority of long haul airlines routes are still suspended due to boarders being closed, or quarantine restrictions that a holiday maker would not be willing to face.
When it was announced for TCX and MON the market was still going, holidays makers were still flying, they had other options for there hard earned holiday cash.
But now, which airline is a safe bet for next years holiday?
Also who wants to go around Disney with a family of 4 wearing a mask all day in 35 degree heat, in a humid country.

Virgin is not out of the woods yet, infact no airline is, this winter is going to be tough for everyone, as the bumper summer cash reserves will not be there.
But at least Virgin has a medium term future with this bail out.

I wish everyone working for any airline, good luck and all the best, because were all going to need it.
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Old 6th Aug 2020, 09:55
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MichaelPit; Agreed. Many of have been around to see the lot. Eagle,Courtline, Channel,Monarch, plus all the mergers/failures. I was in Air Europe when they went down and many of us lined up to join VS. All recent events reminds all of us that aviation is like that.Upturns, downturns, but, this period is far more challenging and I too wish all at VS a healthy outcome to your personal lives.What is painted on the side of a aeroplane has no relevance at all, now.
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Old 6th Aug 2020, 14:30
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Agreed

Totally. They will survive, I’m sure. I have even booked a flight to Miami for April. Aviation has always been cyclic, but this cycle is a bit bigger. Good luck to all at Virgin.
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Old 7th Aug 2020, 20:24
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I've just had my holiday to Antigua in October cancelled for the second time. VS cancelled the package holiday from LGW I booked in January back in June because they shifted the flights to LHR. So I rebooked from LHR flight only and found my own hotel. Now they've just cancelled the LHR flight.

The thing is I can find no record of VS ever operating a LHR to ANU service since COVID. Makes me wonder if it was just a phantom route to generate some cash flow. Meanwhile I'll probably have to rebook for a third time on the BA service and I'm now waiting on two refunds from VS.

I'm determined to take this holiday. The irony is there's no travel or quarantine restrictions between UK and Antigua right now. The problem is finding me an airline to get me there!
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Old 9th Aug 2020, 21:50
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The problem is finding me an airline to get me there!
BA are commencing LGW-ANU service on 19/8/20
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Old 9th Aug 2020, 22:29
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You could always try TUI!
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Old 9th Aug 2020, 22:53
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BA have been flying to ANU for a week
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Old 12th Aug 2020, 08:16
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In the BBC news again for not paying refunds. How much cash do they have left ?
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Old 12th Aug 2020, 08:49
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Supposedly if bookings donít improve by Jan , then they will shut down the business and re emerge as Virgin mk2
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Old 12th Aug 2020, 13:13
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That makes a lot of sense to me as things aren't getting any better for now, make a comeback then under a different guise when this whole pandemic abates. The current setup is just unsustainable, not just just for Virgin Atlantic but many airlines.
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Old 13th Aug 2020, 06:20
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Virgin Atlantic already has another company up and running under the name Virgin Atlantic International Limited.
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Old 13th Aug 2020, 09:27
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Incorporated in 2015, so not a reaction to recent issues.
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Old 13th Aug 2020, 09:50
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who said it was a reaction ?
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Old 13th Aug 2020, 11:07
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Nobody did - just removing the risk that anyone might jump to that conclusion.
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Old 27th Aug 2020, 10:09
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VS saved according to yesterday's Money Mail section of my fave newspaper. Ricky coughing up 200 mill of his "own" money and some other 125 mill of other investors money through very clever accounting and re-scheduling of loans etc. Job done and all back to previous levels of activity by 2023. Very pleasing in these challenging times. Take noet BA, it is as easy as that.

Last edited by Landflap; 27th Aug 2020 at 10:11. Reason: Typo
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Old 27th Aug 2020, 11:27
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If only it is really that simple Landflap
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Old 27th Aug 2020, 13:36
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Looks like the fleet is embarking on an adventure to Pakistan from December. That'll be nice.....
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