Virgin Atlantic
Join Date: Jan 2008
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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/
There's a useful summary here https://www.headforpoints.com/2020/0...s-rescue-plan/
Last edited by Andy D; 5th Aug 2020 at 10:01.
Join Date: Nov 2001
Location: Where the Money Takes Me
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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!!
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!!
Join Date: Oct 2016
Location: United Kingdom
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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.
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.
Join Date: Aug 2007
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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.
Join Date: Jun 2000
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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.
Join Date: Dec 2011
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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!
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!
Join Date: May 2002
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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.
Join Date: Aug 2007
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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 09:11. Reason: Typo
