Bain Capital takes Control of Virgin Australia

[aaronm]

VA Mk2 is the new Aussie Southwest.....

I'd take Aussie Southwest over Aussie United or Aussie Spirit any day of the week.

 

[TheInsider]

VA Mk2 is the new Aussie Southwest.....

Is this just being hopeful??

 

[Doctore1003]

The statement today says that Virgin "will not be repositioned as a low-cost carrier. Virgin Australia will be a ‘hybrid’ airline, offering great value to customers by delivering a distinctive Virgin experience at competitive prices. This will appeal to the full spectrum of travellers, from premium corporate through to more budget-focused customers.”

We’ll see if this remains true when Bain Capital officially takes the reins next month.

 

[UP4014]

1st, 2nd and you lot down the back.

 

[jakeseven7]

The statement today says that Virgin "will not be repositioned as a low-cost carrier. Virgin Australia will be a ‘hybrid’ airline, offering great value to customers by delivering a distinctive Virgin experience at competitive prices. This will appeal to the full spectrum of travellers, from premium corporate through to more budget-focused customers.”

We’ll see if this remains true when Bain Capital officially takes the reins next month.

I don't think we can really believe much until we actually see it, given all that has happened in the last two weeks...

 

[TripleB]

Don't get between a PE house an IRR of >4 and their carry on the exit waterfall.

Bain will strip every cent they can out of the business over the next 3 years.

 

[melb78]

Should call it franklins no frills airline

 

[dajop]

The statement today says that Virgin "will not be repositioned as a low-cost carrier. Virgin Australia will be a ‘hybrid’ airline, offering great value to customers by delivering a distinctive Virgin experience at competitive prices. This will appeal to the full spectrum of travellers, from premium corporate through to more budget-focused customers.”

TBH, this sounds exactly like the US Big 3 carriers, AA, DL & UA. They have a mix of premium and LCC product on board the same aircraft.

 

[jase05]

Might aswell throw our Platinum cards in the bin.
Oh well it was good while it lasted

 

[openseat]

Might aswell throw our Platinum cards in the bin.
Oh well it was good while it lasted

It's not quite at that stage yet as there are no details. They really need to be clear about the direction very soon as people begin to think about their options.

 

[pphlin]

Virgin Australia CEO Paul Scurrah to step down when Bain deal is complete

 

[ozstamps]

Big trouble ahead methinks. Scurrah sounded most unhappy about the new direction.

Bain seem focused on being Tiger Mark 2, and not Virgin Mark 2 that they cheerfully promised.

No lounges even now, Business class meals a joke, it was not looking good already.

Seems they have appointed a Jetstar Exec to run it. Yikes. Bye Bye any meaningful Elite Bennies methinks.

Tough time to take over anyone - I feel for them, and nothing will be ''normal'' for a year or so.

Moving my million+ Virgin points to SQ does seem to have been the right move now.



Virgin Australia's CEO Paul Scurrah will step down from his role in coming weeks after the airline's sale to US private equity firm Bain Capital is finalised.

Mr Scurrah is expected to stay as Virgin's chief executive and managing director until at least early November while final deeds agreements are settled.

"Over the last 18 months, I have had the great privilege of being the CEO and Managing Director of the Virgin Australia Group," Mr Scurrah said in a statement released by Virgin today.

Virgin Australia CEO Paul Scurrah has resigned from his position. (Louise Kennerley)

"Whilst it has been the most challenging time in aviation history, I have continued to be so proud of the way my team and our entire organisation has fought to save this airline and to keep competition alive and well in Australia.

"We have succeeded in not just ensuring the future of the company, but also reset the business to ensure it is well placed to deliver for Bain Capital for many years to come.

"Having seen the company through COVID-19, voluntary administration, the sale to Bain Capital and the redesign of the business, I will be stepping down as CEO and Managing Director.

Virgin Australia's CEO to step down after life-saving takeover deal finalises

www.9news.com.au

This was today's exciting news - point #1 means a few Biz trips to Europe on Etihad to requal for Plat are a distant memory.

• Velocity points & status credits are no longer earned on "VA" marketed flights operated by partner airlines
• Velocity Gold & Platinum members no longer have access to Alitalia, Hainan Airlines or Hong Kong Airlines lounges
• Velocity Silver, Gold & Platinum members no longer have access to complimentary Comfort+ upgrades when flying Delta
• The ability to upgrade on Delta flights using Velocity points has been removed

 

[UP4014]

She just loves Bain, I'm sure she sees the $$$'s.

Virgin Australia boss to step down, be replaced by former Jetstar CEO

Former Jetstar boss Jayne Hrdlicka will take over as chief executive of Virgin Australia from Paul Scurrah by November.

www.abc.net.au

 

[freebo]

Not a Virgin: Bain plays everyone in breathtaking corporate bait

Virgin’s cabin crew got a whiff that something was up when a large contingent of Bain executives descended on Brisbane two weeks ago.

www.smh.com.au

 

[kamchatsky]

Not a Virgin: Bain plays everyone in breathtaking corporate bait

Virgin’s cabin crew got a whiff that something was up when a large contingent of Bain executives descended on Brisbane two weeks ago.

www.smh.com.au

Looks like my Flybuys points will stay with Flybuys, rather than transferring to VA.

 

[OATEK]

Looks like my Flybuys points will stay with Flybuys, rather than transferring to VA.

I have only dribbled points in to keep the account alive in the last while. Not sure I will get to use any for flying if they close lounges and especially if they muck around with J.

 

[HS-TQE]

Don't get between a PE house an IRR of >4 and their carry on the exit waterfall.

Bain will strip every cent they can out of the business over the next 3 years.

In my opinion, had Bain shown interest back when the likes of Etihad, HNA, etc were considering selling (despite rival interest from the Indigo LCC conglomerate at the time) there would be little doubt that selling and leasing back of owned aircraft would have occurred.

Since then it has been found that most of VA's owned fleet (737s and 777s) have mortgages/loans (encumbered/used as collateral) against the banks applied by the previous ownership group, stopping Bain from 'selling' those.

 

[drron]

I am so glad I sent all my VA points to KF a few days before they stopped it.

 

[freebo]

I am so glad I sent all my VA points to KF a few days before they stopped it.

Me too, but then I got refunded for a cancelled J flight to the UK and more points landed in my VA account after the KF transfer closed, so it looks like they're almost useless now.

 

[ozstamps]

"Given the environment, we need a hands-on CEO with deep aviation, commercial, operational and transformation experience," Mr Murphy said.

So they appoint the ex CEO of A-2 Milk.

It is like a Monty Python script.