Virgin Australia Financially Secure? [Now in Voluntary Administration]

[antycbr]

Virgin being discussed on QandA, not much support for government assistance at all apart from the ACTU trade union saying the government should be an owner of Virgin. Mmmm hmm.

Comment was that their powerful and deep pocketed owners should be stepping up from the government rep.

Lots of “we need a competitive marketplace” but not much on how we will get there. I think it’s too early to read anything into the response and he wasn’t a minister he was from the Coordination Commission.

 

[jase05]

The other News Corp articles are stating that MU (China Eastern) is the interested buyer..

Going to be a lot of "interested suitors" names thrown around in the media in the next few weeks, including the "usual suspects"/fake news generators such as SQ/DL.

The article from the Australian said that China Southern was the Chinese carrier interested but the government would knock that on the head.
It mentioned Etihad in partnership with a private equity firm was believed to be interested

 

[jakeseven7]

The other News Corp articles are stating that MU (China Eastern) is the interested buyer..

Going to be a lot of "interested suitors" names thrown around in the media in the next few weeks, including the "usual suspects"/fake news generators such as SQ/DL.

Remember when Turkish airlines was apparently taking VA over...

 

[Doctore1003]

Another private equity firm named in the media is Arizona-based Indigo Partners LLC, which is the owner of four low-cost airlines including Frontier Airlines in the United States, JetSMART (Chile), Volaris (Mexico) and Wizz Air (Hungary).

Arizona express: US airlines fund lines up for Virgin

Whoever is charged with finding a buyer for Virgin Australia, there's two obvious places to start.

www.afr.com

 

[Bagpuss]

Another private equity firm named in the media is Arizona-based Indigo Partners LLC, which is the owner of four low-cost airlines including Frontier Airlines in the United States, JetSMART (Chile), Volaris (Mexico) and Wizz Air (Hungary).

Arizona express: US airlines fund lines up for Virgin

Whoever is charged with finding a buyer for Virgin Australia, there's two obvious places to start.

www.afr.com

Along side the other hundreds by the end of Tuesday.

Post automatically merged: Apr 20, 2020

I wonder if AFF will crash under all the upcoming speculation.

 

[jakeseven7]

Another private equity firm named in the media is Arizona-based Indigo Partners LLC, which is the owner of four low-cost airlines including Frontier Airlines in the United States, JetSMART (Chile), Volaris (Mexico) and Wizz Air (Hungary).

Arizona express: US airlines fund lines up for Virgin

Whoever is charged with finding a buyer for Virgin Australia, there's two obvious places to start.

www.afr.com

Having flown Frontier this is slightly horrifying. Makes Tiger look good.

 

[Doctore1003]

Along side the other hundreds by the end of Tuesday.

Post automatically merged: Apr 20, 2020

I wonder if AFF will crash under all the upcoming speculation.

This is a discussion forum. Chill.

 

[p--and--t]

Wow we have a whole page in this thread and not a single rumour SQ will buy VA

Oh damn, I did it - back to normal transmission

 

[samh004]

Also states in the article that Etihad is the airline looking to buy VA.

Can only hope that doesn't happen... their desire to buy airlines and mismanage them has clearly been proven to be fatal. That, or their business sense is very poor and anything they are interested in I would be running away from... so it doesn't say much for Virgin in this case.

Even worse perhaps, they'll definitely not be interested in them joining an alliance of any sort, further eroding whatever position they have in the market currently.

 

[Matt_01]

The other News Corp articles are stating that MU (China Eastern) is the interested buyer..

Well that may be interesting given MU is a partner of QF.

 

[moa999]

Lots of “we need a competitive marketplace” but not much on how we will get there.

Hard to have that when you currently don't have a marketplace, just a small schedule of government subsidised services.

And no-one knows when you get back to normal, and what normal looks like.

 

[samh004]

Well that may be interesting given MU is a partner of QF.

Wouldn't be the first time a partner has forged an alliance with a competitor, look at EK/EY and their switcheroo.

 

[TheInsider]

Well that may be interesting given MU is a partner of QF.

It's just a commercial relationship. Not too much else in it.

 

[Doctore1003]

Wow, Virgin has $1.2 billion of customer ticket bookings which are now at risk. I assume much of that is held as travel credits.

 

[oz_mark]

The Australian is reporting "it's on" with a board meeting happening today

- International Airline + Private Equity
- Creditor Scheme of Arrangement or temp administration
- Government backed provided PRC based firms excluded apart from debt
- Continuing INT+DOM service

https://www.theaustralian.com.au/business/dataroom/virgin-australia-airline-private-equity-partnership-eyes-buyout/news-story/6bff600143fdaf133fa3c93959710a1b

I guess we know the answer to the second point!. Wonder who the airline/pe is?
Maybe PRC thing just means additional checks and maybe conditions

 

[jakeseven7]

Wow, Virgin has $1.2 billion of customer ticket bookings which are now at risk. I assume much of that is held as travel credits.

Wow that is a lot of peoples bookings

 

[antycbr]

Wow that is a lot of peoples bookings

It’s also a lot of voters.

 

[andrewpf]

Wow, Virgin has $1.2 billion of customer ticket bookings which are now at risk. I assume much of that is held as travel credits.

How much of that cash is actually left? And will that money essentially be transferred through voluntary administration from customers to secured creditors?

Edit: The Australian says they sought "$100m from the federal government over the weekend so it could keep paying bills for another week — two weeks at most" ... I think that suggests the money is gone?

 

[Cubiscus]

And a lot of future customers.

 

[Matt_01]

Wouldn't be the first time a partner has forged an alliance with a competitor, look at EK/EY and their switcheroo.

It's just a commercial relationship. Not too much else in it.

OT, my comment was meant as more tongue in cheek. After QF stopped flying through the desert and entered into a new partnership with MU and I do not remember in which order. From memory EK premium redeemitions seemed to have dried up and MU were easy to come across, just curious to know what may happen in the future.