The secret billionaire shareholders who could save airline

came after it was refused the $1.4 billion taxpayer-funded bailout it said it needed to survive the coronavirus crisis.

“But the Government was not going to bail out five large foreign shareholders with deep pockets who, together, own 90 per cent of this airline.”Virgin’s Richard Branson with Abu Dhabi’s Crown Prince Mohammed bin Zayed, the half-brother of Sheik Khalifa bin Zayed Al Nahyan, in 2019. Picture: @MohamedBinZayed/TwitterThe foreign owner with the largest slice is Etihad, with 21 per cent. It’s owned by Abu Dhabi’s oil-rich royal family, the Al Nahyan family, who are worth $238 billion.

“Etihad Airways is disappointed Virgin Australia has had to enter voluntary administration due to the unprecedented challenges and consequences of the COVID-19 pandemic,” the airline said in a statement. Sir Richard Branson celebrates Virgin Blue’s 10th anniversary in Australia at Melbourne Airport in 2010. Picture: Robert Prezioso/Getty ImagesVirgin’s billionaire founder Sir Richard Branson, who owns 10 per cent of Virgin Australia and whose estimated wealth is $9.2 billion, is in a similar boat.

It also has an extensive multi-million property portfolio in Australia, including the $7.5 million Keeper’s Cottage in Sydney’s swanky Vaucluse, and the Pullman Hotel in at Sydney’s Airport, which was purchased for $84 million in 2015. One of its companies, the baggage handler company Swissport, is now looking to cull up to 2000 of its workers in Australia as it suffers from a knock-on effect from Virgin Australia’s woes.Source:Bloomberg

Hmmmm, could they not perhaps buy back in for less after the bondholders and other creditors have been wiped out while it's in administration?

Because they are hoping Albo will buy them out?

Why were Australian mum and dads sold Virgin Bonds which are JUNK BONDS. We were duded. Told Virgin had $1b in cash reserves and three major investors but omitted saying $5b in debt and unprofitable ASIC & Aust government should be responsible for bailing out the BOND buyers!

?

Cos the airline is a debt riddled shitta

Important note: if Australian tax payer funds were used to help keep the airline in business, it won’t make them pay their staff or keep on unnecessary staff. It will only support the corporate, not the worker. Remember this if you’re advocating for a bailout.

It's a waiting game. Whoever moves too quickly gets stung, so they hold back like at auctions.

Yes you have to wonder

You don’t make billions by spending money

Because they wanted full control but not willing to pay top dollar. Bottom dwellers?

I feel sorry for the Aussies being put out of work, but bail them out now you will be doing it again in 6 months, stick to your guns no bail out, I only hope the rich share holders get a taste of karma

Because the billionaires know they can get free money from lunatics who do not protect taxpayer funds. They hand out freely. Taxpayers will pay, not the politicians.

We bailed out regional media to the tune of $50mil. 52% of the bailed out companies are News Corp owned, going right into the pockets of Murdoch. Surely the same rules apply?

The Royals rely on oil. Not much action there now.

Because some foreign airline will buy Virgin cheap.

Cos they’re greedy bastards who love to be rich and don’t care the poor...

tyrelle123 Because they are grubs. (Its not rocket science🙄)

thats why VirginAustralia should not be bailout they will probably use it as a tax write write off

Because they want governments to give them money $$$$$$$% 🤑🤑🤑🤑🤑🤑🤑

Because the rich has always robbed off the poor!

Because they're greedy

One wonders how companies on a tightrope are allowed to operate & employ people only to hang them out to dry at the first hiccup. Seems like poor oversight by govt as well that a company is allowed to trade in such a way. Hardly secure & business savvy. Whose pockets are full?

Cause the occult dont pay

Not real men that’s why. 😌

Eagleresa Because the company was already broke when things were good. They won't throw good money after bad. simple. Shareholders will take the hit. They will recapitalise the company, someone will pay a penny and life will go on. Nothing to see here but the drama

You don't stay a billionaire by throwing your money at lost causes

Because they're smarter than the Australian Labor party auspol

Simply put, They're all fathers, and like all good fathers - They are preserving their wealth of future dad jokes. They know Virgin is no longer Virgin - Especially now they are f*cked. There is a treasure trove of dad jokes, close to never ending. It's all about priorities!

Ok so if I had a few billion to spend would I invest in a airline in a country I have no real interest in particularly in the current crisis? The answers no when u can see airlines around the world struggling. A airline at the moment just not smart business

Cos like most billionaires they keep their money to themselves It’s how they stay billionaires!

Because they’re selfish, greedy pricks.

Branson is putting up one of his islands. Shush!

Australia Latest News, Australia Headlines

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Branson calls for UK Government bailout to save Virgin airlinesIn an open letter to Virgin employees, Sir Richard Branson calls on the UK Government to help save Virgin Atlantic, while warning against allowing Qantas a monopoly should Virgin Australia disappear. richardbranson how’s that island bunker treating you and your billions? Did he sell his private island? Can't help billionaires if they won't help themselves He should give his last dollar to save the jobs of Virgin employees. Or we should eat him or confiscate his assets and nationalize virgin Australia. I like tubular bells though.
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Foreign shareholders 'responsible' for Virgin Australia: Cormann | Sky News AustraliaFinance Minister Mathias Cormann says Virgin Australia's 'substantial foreign shareholders' had 'the first responsibility' to bail out the airline. \n\nMr Cormann said the government wished to 'continue to see two airlines in Australia' but believed the government had provided substantial support 'on an economy-wide or sector-wide basis'.\n\n'There is a clear public interest to have competition in the aviation sector,' he said. \n\n'Administration offers an opportunity to deal with the challenges Virgin had been dealing with since before the COVID-19 pandemic.'\n\nImage: Getty\n\n\n MathiasCormann Same here. USA, Holland, France. Its not up to us to bail parasite Branson out. MathiasCormann They set the standard with GM. A bail out was never going to happen. MathiasCormann But if they don’t then the airline should be restructured and recapitalised as a majority government owned airline to ensure that rapacious Qantas has effective competition. Most Australians would see that this is a time when ideology has to be set aside.
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Virgin has a future in Australia as long as it is 'commercially viable' | Sky News AustraliaDeputy Prime Minister Michael McCormack says the government is committed to Virgin having a future in Australia but stresses the airline must be “commercially viable”. \n\nVirgin Australia on Tuesday entered voluntary administration, with hopes a private entity would inject cash reserves needed to prevent the airline from going under. \n\nThe government ruled out intervening to save the airline, insisting responsibility for its rescue should be left to its foreign shareholders. \n\nMr McCormack told Sky News the government wanted to see Virgin make it to the other side of this crisis. \n\n'It’s been difficult for Virgin, it's been difficult for the entire aviation sector,” he said. \n\n'There is a lot of speculation about what will happen to Virgin but Paul Scurrah has made the brave decision to put them in voluntary administration. I know their board is committed to having a future and so is the government. \n\n'We want a second airline, a commercially viable airline, coming out of this.' \n\nImage: News Corp Australia M_McCormackMP How did Branson make $4 billion for himself? M_McCormackMP Unlike the last 7 years lol M_McCormackMP I don't give it a shit whether Virgin is owned by a foreign billionaire or the Chinese boss. Don't waste Australian tax payers' money.
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Virgin freezes Velocity accounts after members crash websiteAs uncertainty swirls around the future of Australia's number two airline, members of the airline's rewards program, Velocity, have been blocked from redeeming their frequent flyer points for at least four weeks. Surprised ! No
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Richard Branson turns to his Caribbean island to save Virgin empireThe billionaire told staff he plans to 'raise as much money against the island as possible' after his unsuccessful pleas for government bailouts of Virgin Australia and Virgin Atlantic. His private tax haven you mean? Song Zuuowen net worth $2.8b, Chen Feng $2.8b, Al Nahyan Royal Family $230b Richard Branson $9.2b ...these are the folks asking Australian taxpayers to bail out their airline. 🙄 Screw him. He chose to live in a tax haven and not pay UK tax for 14 years. Let the Virgin Islands bail him out. So he's looking to chip in a mortgage over his tax haven? what a guy.
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Premier may delay opening stores as retailers prepare for permanent closuresBillionaire Solomon Lew's Premier Investments may delay the reopening of its stores by as much as two-and-a-half weeks. domp Giddy Gladys is out of her depth!
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