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Old 05-21-2020, 01:44 PM   #1  
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Default Virgin Australia: government bailout

Virgin Australia’s fast-dwindling cash reserves have rekindled union calls for a government bailout of the stricken airline ahead of a meeting of key creditors on Thursday.

The administrators, partners at big accounting firm Deloitte, say they are likely to require “interim funding” from the end of next month and have been discussing options with the federal government.

https://www.theguardian.com/business...serves-dwindle
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Old 05-22-2020, 08:08 PM   #2  
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They won’t. For two reasons...firstly, if they loan VOz money, then Qantas will want some. Secondly, VOz has been so badly run for the last ten years, it would have gone into administration, whether COVID-19 had happened or not.

Joe Public in Australia has been conditioned over the last 20 years to hate all things union, with a passion.
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Old 05-23-2020, 04:24 AM   #3  
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Virgin Australia was a totally foreign owned Airline.
The group owners - Singapore Airlines, Etihad, HNA and Virgin Group. (Branson) All refused cash injections to help the airline ride out the slow down.
Singapore, Etihad and HNA are all government owned corporations. Each company has deep pockets. It would be crazy for the Australian Government to give money to foreign government owned airline just to save jobs local jobs.
As far as I am aware Virgin Aus is now in voluntary administration and the remains are being administered by Deloitte until a new buyer or buyers can be found.
On a happy note, the afore mentioned foreign owners will not receive any money for sale of the airline or its assets.
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Old Yesterday, 02:12 PM   #4  
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Quote:
Originally Posted by Mark7 View Post
Virgin Australia was a totally foreign owned Airline.
The group owners - Singapore Airlines, Etihad, HNA and Virgin Group. (Branson) All refused cash injections to help the airline ride out the slow down.
Singapore, Etihad and HNA are all government owned corporations. Each company has deep pockets. It would be crazy for the Australian Government to give money to foreign government owned airline just to save jobs local jobs.
As far as I am aware Virgin Aus is now in voluntary administration and the remains are being administered by Deloitte until a new buyer or buyers can be found.
On a happy note, the afore mentioned foreign owners will not receive any money for sale of the airline or its assets.
Virgin Group asked for a bailout. Branson was even willing to pledge his island as collateral.
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Old Yesterday, 03:24 PM   #5  
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Virgin Group asked for a bailout. Branson was even willing to pledge his island as collateral.
Thats Atlantic, not Virgin Australia.
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Old Yesterday, 06:38 PM   #6  
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Thats Atlantic, not Virgin Australia.
His letter pledges it for Virgin Group which includes Virgin Australia. I know some UK news outlets portrayed it as only applying to Virgin Atlantic but that's not what his letter stated. https://www.virgin.com/richard-brans...rgin-employees

Edit: I read an Aussie newsrag that stated Branson pledged his island as collateral to save Virgin Australia.

Last edited by Andy; Yesterday at 07:19 PM.
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