Virgin Australia Financially Secure? [Now in Voluntary Administration]

[bcworld]

Fitch analyst Kelly Amato said it would like to see Virgin raise additional funding over the next three months. “(Coronavirus) has come just as they were making headwinds in terms of getting a new structure in place, taking costs out of the business, reducing debt levels and making Virgin a viable airline,” Ms Amato said.

...I'm guessing she meant 'making headway'!?

 

[HS-TQE]

Paul Scurrah also confirms that he has contacted their shareholders in this recent ABC interview. They all have financial problems of their own (including SQ) and won't have the time to inject capital into a deteriorating VA, as the shareholders are all fighting for their own survival (or avoid liquidation in HNA's case).

Virgin Australia boss says $1.4 billion rescue loan now critical

The stakes are getting higher for Virgin Australia as the airline pleads for a $1.4 billion loan from the Federal Government.

www.abc.net.au

 

[ozstamps]

They all have financial problems of their own (including SQ) and won't have the time to inject capital into a deteriorating VA, as the shareholders are all fighting for their own survival (or avoid liquidation in HNA's case).

This was bleedingly obvious to many/most of us here, a month back, and widely posted.

They all have bigger fish to fry. Like staying alive themselves, day to day.

 

[Clause]

Another piece of news, yeap I think I will be biting the bullet and transfer out to KF for majority of what I have now.

Virgin Australia is running out of cash — and it's got less than six months to find a solution

Aviation experts are warning Virgin has just months before it faces potential collapse, but the airline's chief remains optimistic and says the prospect of a new airline entering Australia to take its place is unlikely.

www.abc.net.au

 

[jakeseven7]

Another piece of news, yeap I think I will be biting the bullet and transfer out to KF for majority of what I have now.

Virgin Australia is running out of cash — and it's got less than six months to find a solution

Aviation experts are warning Virgin has just months before it faces potential collapse, but the airline's chief remains optimistic and says the prospect of a new airline entering Australia to take its place is unlikely.

www.abc.net.au

I'd suggest sooner rather than later before VA shut this back door.
They have already clamped down on voucher redemptions...

Has anyone actually NOT transferred some/all their points?

 

[Notyourbag]

Transferred 450,000 out of 600,000 remaining. Keeping some in VA with a glimmer of hope but thats fading by the day. I wouldn't be surprised if VA cuts off their SQ transfers or makes it one tranaction per year.

 

[ozstamps]

Agree - Virgin look to be a panic stricken basket case right now sadly - sending out confusing Status level emails a Chimp would have worded better, and now limiting gift card purchases, which was the Canary In The Coalmine warning sign to me.

The SQ transfer thing closing has been on the cards all week. Despite the thoughts of many starry eyed Virgin Groupies here these COST Virgin money for each mile moved.

Threatening legal action against Platinums who sought and got a refund weeks back, as Virgin cancelled domestic flights, way before any government restrictions, smacks of total desperation.

They will get no extra money doing this - the refund is all a done deal - it will just seriously p!ss off folks who otherwise would have stuck with whatever emerges, at the other end of this horrible sausage machine.

Looks like PS has passed around the begging bowl to London, Singapore, Abu Dhabi, China and Canberra in recent days, and got only a cigarette butt, and a used toothpick for his troubles.

 

[hydrabyss]

I'd suggest sooner rather than later before VA shut this back door.
They have already clamped down on voucher redemptions...

Has anyone actually NOT transferred some/all their points?

I'm leaving my points with Velocity but then I am used to taking risks. But then I also didn't rush out and buy toilet paper and just lived on the edge with one roll left.

 

[jase05]

Has anyone actually NOT transferred some/all their points?

Yeah, guilty.
Only have a paltry 301k remaining after I redeemed a heap on flights late last year.
Im just going to ride it out, if they go so be it. By time I take a hit transferring them to SQ and then the more than likely devaluation they are going to be pretty much worthless anyway I figure.
I’m far more concerned with losing VA and their staff than I am about my piddly little amount of points

 

[hydrabyss]

Yeah, guilty.
Only have a paltry 301k remaining after I redeemed a heap on flights late last year.
Im just going to ride it out, if they go so be it. By time I take a hit transferring them to SQ and then the more than likely devaluation they are going to be pretty much worthless anyway I figure.
I’m far more concerned with losing VA and their staff than I am about my piddly little amount of points

I can't help but keep thinking of this.

 

[bulldog88]

!!!! Transfer to SQ KRISFLYER transfer has been closed

Velocity Frequent Flyer and Singapore KrisFlyer are temporarily suspending conversion of Points and Miles between the two programs.
We're looking forward to providing you with this program feature once flight schedules return to normal.

 

[hydrabyss]

!!!! Transfer to SQ KRISFLYER transfer has been closed

Velocity Frequent Flyer and Singapore KrisFlyer are temporarily suspending conversion of Points and Miles between the two programs.
We're looking forward to providing you with this program feature once flight schedules return to normal.

I was surprised it went for as long as it did.

 

[amaroo]

!!!! Transfer to SQ KRISFLYER transfer has been closed

Velocity Frequent Flyer and Singapore KrisFlyer are temporarily suspending conversion of Points and Miles between the two programs.
We're looking forward to providing you with this program feature once flight schedules return to normal.

What's that smell?

 

[TheInsider]

!!!! Transfer to SQ KRISFLYER transfer has been closed

Velocity Frequent Flyer and Singapore KrisFlyer are temporarily suspending conversion of Points and Miles between the two programs.
We're looking forward to providing you with this program feature once flight schedules return to normal.

Tick tock, tick tock, tick tock.... Hopefully i'm wrong.

 

[bulldog88]

They should have capped monthly transfers to KF, instead of blocking it altogether..
Now they are scaring off the average punter who buys groceries on VFF credit cards.

VA is just undermining confidence in the Velocity program = reducing the value of VFF to any buyers

 

[TheInsider]

Now they are scaring off the average punter who buys groceries on VFF credit cards.

Unfortunately the average punter wouldn't even know that they could convert to SQ, nor that it has been taken away.

 

[Doctore1003]

Time to buy a new toaster...

 

[amaroo]

They should have capped monthly transfers to KF, instead of blocking it altogether..
Now they are scaring off the average punter who buys groceries on VFF credit cards.

VA is just undermining confidence in the Velocity program = reducing the value of VFF to any buyers

TBH they are not on their pat malone. Some Super Funds are sending the same message.... classic run on the bank stuff.

 

[drron]

Well I would fly a low cost airline rising out of the ashes of VA rather than JQ if no QF option.

 

[Cubiscus]

Haven't done my points, if they go so be it. To me a far higher priority is keeping VA afloat and avoiding a monopoly at all costs.

It would take the best part of a decade, whilst the airline industry is recovering, for a competitor to get back to the same point.