While Deloitte is working as administrator of the airline, Houlihan Lokey's Jim McKnight, who has worked on high-profile corporate collapses in the past, is providing restructuring advice.
Thursday's creditors' meeting, expected to last about two hours, is required under the Corporations Act as a forum where the administrators outline to creditors the nature of their appointment and how they expect the process to pan out. Deloitte said it will not disclose specific details on more than 10 parties that have expressed an interest in taking over the airline.Virgin's creditors include its staff, the banks, aircraft lessors, and customers with credits from cancelled bookings or frequent flyer points.But Deloitte partner and Virgin administrator Vaughan Strawbridge said this was likely to change as more information becomes available, and it estimates the total number of creditors will be over 12,000.
Employees are by far the biggest group and the most crucial in terms of creditors' order of priority. They account for 9,020 of the total number of creditors and are owed $451 million.Twenty-six secured lenders who are owed about $2.3 billionMore than 9,000 employees owed $451 millionVirgin has about 144 aircraft and about half of them are under lease. These are mostly 737-800s, but also includes their A330s and ATR72s.
Deloitte has asked lessors for waivers over lease payments while it works through the voluntary administration process.block a number of Virgin Australia aircraft from taking offDeloitte had also revealed the cost of voluntary administration could be about $20 million to $30 million, with further costs to be incurred should the matter proceed to liquidation.
Amazing NassimKhadem is optimistic that Green_Dot will find shell of VirginAustralia a buyer. Surely liquidation looms? JoshFrydenberg shouldn't give this badly run airline a cent more, and nor should Qantas receive anything. Wrong to have given RexAirlines $$. auspol
20-30m for Deloitte, that's a very respectable hourly rate 🤣🤣🤣🔥🔥
Lufthansa is in same way - this is why lufthansa don't make any refund for cancellations 🤬
Some creditors in queue are big software giants ..
Sounds like it wasn't a viable business model.
Looks like the virgin empire totally mismanaged and the boss creams off luxury at the expense of customers
How can I get 12,000 creditors? I want to go shopping
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