Virgin Australia administrators, Deloitte. have agreed to sell the airline to Bain Capital after the only other remaining bidder, Cyrus Capital Partners, pulled out of the sale process. Cyrus cited lack of engagement from the administration as the reason for their withdrawal. In a statement Cyrus said, “On the morning of 22 June 2020, Cyrus…
Qantas CEO Alan Joyce has announced today that Qantas will be a smaller airline for the foreseeable future. He has also announced the axing of 6000 jobs with another 15000 staff stood down, more aircraft retirements and almost no international travel until July 2021. Those stood down will be stood down without pay. The redundancies…
Virgin Australia bondholders have made an 11th hour bid to try to recapitalise the airline, two days after Administrators Deloitte received final offers from the two final bidders, Bain Capital and Cyrus Capital Partners. Under the bondholders proposal they would recaptilise the airline to the value of $800 million with an additional $125 million to…
Local media is reporting that Deloitte have narrowed Virgin Australia’s potential buyers down to two – Bain Capital and Cyrus Capital Partners. The original shortlist also included US based budget airline investor Indigo Partners and Australian company BGH Capital. Bain Capital has $US105 billion ($A155 billion) in assets under management and has former Jetstar chief…
Airservices Australia released a report from former Sex Discrimination Commissioner Elizabeth Broderick today. ABC Australia reports the “A Review of Culture at Airservices Australia” report was commissioned to study the internal culture at the government owned organisation. “Specifically relating to bullying, harassment, sexual harassment, psychological welfare and inclusion.” The report found a “Lord of the…
Virgin Australia’s Administrators have shortlisted 4 potential buyers for the airline. The list was whittled down from at least 8 non-binding bids that were received on Friday. ABC News reports the shortlisted buyers are US private investment firm Bain Capital, Australian private equity firm BGH Capital, US airline investor Indigo Partners and global investor Cyrus…
The Treasurer of the Queensland state government, Cameron Dick, revealed that the state had told it’s investment arm, QIC to explore a bid for Virgin Australia. The investment arm could take a direct equity stake, offer loans, guarantees or incentives to another bidder. Mr Dick said in a statement, “We have been very clear —…
Qantas has announced today that it has cancelled scheduled domestic services until the end of June and international services until the end of July. The airline also says there is no guarantee flights would resume in August. The news came in an investor update. Qantas also said it can scale up it’s schedule in as…
Qantas has criticised Perth Airport for blockading Virgin aircraft according to WAtoday. A Qantas spokesperson told media, “Even by Perth Airport’s standards, this is extraordinary behaviour. Protecting your interests is one thing but parking a bulldozer in front of an aircraft while saying you’re ‘working to secure an agreement’ is ridiculous. It’s no way to…
Perth Airport in Western Australia blockaded 4 Virgin Australia planes over $16 million of unpaid invoices. Perth Airport told ABC News that taking the action is standard practice. A spokesperson told ABC, “Maintaining a two-airline system in Australia post-COVID-19 is absolutely essential for the aviation and tourism sectors, and the broader economy. Virgin has significant…
In a statement to the Australian Stock Exchange, Virgin Australia confirmed confirmed it had placed itself into Voluntary Administration. The statement said the move would enable a recaptilisation of the business. pic.twitter.com/b7xW5NDANo — Virgin Australia (@VirginAustralia) April 20, 2020 Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes from Deloitte have been appointed as the…
The Guardian Australia is reporting that Virgin Australia will appoint Deloitte as an Administrator. The Guardian said the move would mean that Virgin would become the biggest airline collapse in Australia. ABC News says the decision could happen as soon as tomorrow, with Fairfax Media saying the airline’s board will meet tonight and an administration…
