Virgin Australia chief executive Paul Scurrah has complained about Qantas chief executive Alan Joyce's comments.Virgin Australia is 90 per cent owned by offshore airlines including Etihad Airways, Singapore Airlines, Nanshan Group, HNA Group, and Richard Branson's Virgin group, which are all facing their own cash-flow challenges amid the coronavirus pandemic.
Rating agencies S&P Global and Fitch also last week downgraded its outlook on the company after Virgin announced it would slash domestic capacity by 90 per cent and ground its budget airline Tigerair indefinitely. "We estimate that up to half of Virgin Australia's operating costs are fixed and that a reduction in variable costs will not offset the collapse in revenue."
A"default or distressed exchange appears increasingly likely over the next 12 months, absent timely government, or other support, and/or a swift reversal of the COVID-19 outbreak".
Is this April fools?
Please don’t bail this failed foreign owned business out. Leave the way clear for a company that can actually make a profit come in and compete with Qantas after this is all over ....
djt1940 Say NO!
Not a crumb should they get its Australian airlines that need a hand , not foreign owned companies!!!
Let them go broke.
Perfect time for the govt. to buy Virgin and Qantas (nationalizing the airlines) because it's cheap at the moment.
Here we go. Watch the outcome of this and then watch the market react. God hopes they tell these companies to pack their bags and come back when they find the money they've stashed away. Everyone's got their hand out for a free lunch. What a disgrace.
Why do they require money exactly?
Bailing out companies will be biggest mistake Australian governement will ever make it is bottomless pit our kids will be paying back in high taxes for next 40 years.
No bail out for Virging biggest share holders from Midle East they can have loan or give Australian governement large amount of shares and partial ownership.
Not so sure I'm keen on the government investing in a airline?
Virgin fares are today more than double their usual fares for domestic flights . Jet Star fares about half their usual fares. I’ll fly JetStar instead of Virgin.
BelindaJones68 Why would you give them anything, because they are
We should be able to use the dormant planes and offices as wards for the sick.
Nope. Let it fail. Time for a reset.
Another case of privatise the wealth and socialise the losses. The Government should be nationalising the hell out of these bailout corporates. I’d fly Communist class any day of the week! KarlMarxAirways Virgin
Why, me too👋, please. Is it turns out, I was planning to start a biz and now for six months I can't. So, if the govt could bail me out too, with a nice loan, that would be awesome. This is about making sure survivability of my biz. Of course, I'll employ lots of JobSeekers.
How does f%c off sound?
Go to the market and sell shares to raise capital. Let the current holders live with the dilution. Enough with this capitalism on the way up and socialism on the way down. I’m over it.
Sir Richard has a personnel wealth of how much, assets to the value of? Those multi multi millionaires should be digging deep into there pockets, and trying to help those that have given them the wealth they have. 1980/90 all those businesses that went tits up, they walk with $$
Virgin Australia owners actually pay tax in a tax haven. They have multiple streams of income and assets including islands, businesses and cash reserves. You don’t get more tax-haveny than that.
Screw VirginAustralia and Qantas . Qantas got a $715M bailout and the next day stood down 2/3 of their staff. Neither of these companies are acting in the best interests of Australians.
So a high paid exec at Virgin watched FoxNews last night and saw Boeing get a bailout and thought 'duh.... hey, I have an idea.' Then some dummy at Qantas, saw the news today and thought... Impressive
Not an Australian company.
All VA assets should be subject to compulsory requisition in order to bring Aussies home.
guessing no one has got the balls to sue the chinese government for releasing these pandemics every few years,
Asking taxpayers to put a foreign owned entity on our balance sheet doesn't make sense to me!
Maybe Billionaire Richard Branson should get a job stacking shelves at Coles instead of grifting off the taxpayer!
i would like to see the gov help qantas
Before any assistance, a ban on dividend payments for a period of time would be a good will gesture first. Australian taxpayers should not help bail them out just yet.
That means we should own it then.
Virgin and QANTAS didn’t stand by most of their workers.
Chinese/Singapore/AbuDabi owned and paying 0 tax-just watch the government buckle!
Let them go broke, why should Australian taxpayers bail out a company owned by international airlines a billionaire and 2 investment companies, let the owners stump up the money.
They can get it from Branson
Out of interest, it is currently dividend season. It would be interesting to know how many businesses that are currently looking for a govt handout are paying dividends.
Branson can sell his Island - taxpayer money better not bail him out!
Profits are privatised but risks and costs are socialised. How flawed can a society be? Shame on you VirginAustralia This system makes me sick.
I vote no.
Not a good idea. Virgin claim that if they cannot pay back the debt (which they wont) then Virgin goes into government control. Watch the left support this idea at the demand of the greedy unions who would be salivating at the prospect of a government controlled airline.
How much taxes does Virgin pay in Australia? This airline is owned by foreign airlines.... Singapore Airlines.... Etihad Airlines, Qingdoa Airlines & Virgin..... WTF do we need to be giving them bailouts
Please ScottMorrisonMP don't give Virgin Australia a bailout, it's owned mostly by foreign airlines with big bank balances. Just help local companies instead auspol asx coronavirusaustralia virginaustralia covid19australia auspol2020
Price competition must be eliminated from the industry. Antiquated economic theory is an indirect threat to national security. Virgin is a cool airline but QANTAS is awesome.
Also seeking a bailout from UK taxpayers for virgin Atlantic! coronavirus
They. Pay. No. Tax.
Billionaires shouldn’t get bailouts.
No. Let it die so someone else can buy it.
How many planes does $1.4b buy?
So basically we have to wait until 1.4 billions are collected in taxes first from the aussies who don't have jobs and then bail out Virgin. There is no other way. (Unless ABC recognizes there is other way and asks politicians about it) StevenHailAus AvidCommentator
NO PUBLIC BAILOUT!
Should companies requesting/receiving government bailouts or subsidies hand over the equivalent proportion of their shares to the government?
No bailouts for shareholders. Workers must come first. Also, Branson is worth billions and doesn’t pay tax. Cover the workers, fuck the billionaire off.
Richard Branson isn’t short of a dollar. Can’t he bail them out?
Who will travel overseas? Not for a few years anyway
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