"They are the essence of the business, and we thank them for their perseverance through this challenging period."Paul Scurrah and his leadership team have also worked tirelessly during the administration period and are critical to our future."
"Having worked closely with Mike, Barnaby and their extended team over several months they have demonstrated a deep understanding of aviation and our culture. "I look forward to Virgin going forward and more importantly for the jobs in Virgin to be secured," he said. "The number one priority of the government has been to save jobs to ensure we save as many jobs as possible," he said.yesterday's Qantas announcement which would see at least 6000 workers lose their jobs"We don't know what the exact form of Virgin will be like ... it may be a smaller airline than the one we have at the moment," he said."We have a smaller airline market in Australia at the moment, we have to be realistic about that.
Let’s hope they do what they say they will
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Govt's 'hands off' approach will undoubtedly lead to 'scaled-back Virgin Australia' | Sky News AustraliaShadow Transport Minister Catherine King says the government's 'hands off' approach will undoubtedly lead to 'scaled-back Virgin Australia'. \n\nPrivate equity fund Bain Capital is set to be the airline’s new owner after New York hedge fund Cyrus Capital Partners withdrew its offer. \n\nBain Capital said it was prepared to honour the $450 million of entitlements owed to workers once it took control. \n\nDespite this guarantee, Ms King told Sky News Virgin jobs and regional routes would inevitably be lost. \n\n“That’s an outcome that’s incredibly disappointing from the public’s point of view,' she said. \n\n“Loss of routes, particularly in regional Queensland, will be absolutely devastating for tourism and I think that’s what we’re going to see, a much scaled-back Virgin.” \n\nShe said Labor encouraged the Morrison government to take an equity stake in Virgin and prevent it entering administration. \n\n“But the government’s obviously decided to take a very hands-off approach and this is the result,” she said. \n\nImage: News Corp Australia \n CatherineKingMP and rightly so CatherineKingMP Great to see the AustralianLabor jumping on the rhetoric bandwagon again this morning. The constant dribble from these Muppets and their Union Buddies is becoming boring. They really need someone to give them some retraining and fresh rehtoric to spread. It's embarrassing. CatherineKingMP And what should they be, what they were before?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Bain Capital set to become new owner of Virgin Australia | Sky News AustraliaPrivate equity fund Bain Capital looks set become the new owner of Virgin Australia after New York hedge fund Cyrus Capital Partners withdrew its offer. \n\nIn a statement, Cyrus complained the administrator failed to return calls or emails. \n\nThe move paves the way for Bain Capital to be named the preferred bidder. So the bond holders are out of the running? Best news yet for the Employees of VirginAustralia. Just goes to show you how easily Cyrus and richardbranson are happy enough to walk away from a deal when the going gets tough. Let's hope BainCapital take the reins. Clear vision for the future and deep pockets.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Cyrus withdraws Virgin Australia bid, leaving Bain in box seat to buy airlineCyrus - which was a founding investor alongside Richard Branson in Virgin America - said on Friday morning that it was pulling out of the sale 'due to lack of engagement' by Virgin’s administrator Deloitte. Excellent- so Virgin Australia has new owners that know nothing about running airlines. Will have to keep on the old executive that ran the company so well. Makes you wonder if these so-called 'binding bids' were contingent upon certain conditions, like even more taxpayer funding being provided, free. One would imagine yesterdays announcement from Qantas would have anyone thinking twice about buying an airline during a pandemic. Thank God tax payers didn't bail them out
Source: theage - 🏆 8. / 77 Read more »
Bain set to buy Virgin Australia after Cyrus withdraws bidAmerican private equity giant Bain Capital is set to become Virgin Australia’s new owner after rival bidder Cyrus Capital Partners withdrew its bid for the bankrupt airline. Good to see these villains have moved on to the corporate life pwhatch While the airlines struggle to survive, the Federal government is wasting money to build the 2nd Sydney airport. auspol
Source: smh - 🏆 6. / 80 Read more »
Final stages of Virgin bidding process will be telling: Deputy Prime Minister | Sky News AustraliaDeputy Prime Minister Michael McCormack says the bidding process for embattled airline Virgin Australia is getting very close to the pointy end with a result expected in the coming weeks.\n\nTwo American bidders, Bain Capital and Cyrus, have made the final cut of more than 15 potential suitors after the airline went into voluntary administration in April with close to $7 billion dollars of debt to creditors.\n\n“Next week will be telling,” the deputy prime minister told Sky News host Peter Gleeson.\n\nMr McCormack also said both of the final bidders have agreed to honour frequent fliers and all other ticketing arrangements made before the airline went into administration.\n\n“The important thing is we have two commercially viable airlines coming out of this whole voluntary administration process.”\n\nImage: News Corp Australia M_McCormackMP VirginAustralia Why does insider trading come to mind?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
American private equity firm likely to buy Virgin Australia after rival bidder pulls outAn American private equity company is likely to purchase Virgin Australia after a rival bidder pulled its offer for the crippled airline.
Source: 9NewsAUS - 🏆 10. / 72 Read more »