SYDNEY - Virgin Australia Holdings plans to cut a third of its workforce as part of an overhaul to focus on being a short-haul Boeing 737 operator under prospective new owner Bain Capital.
"Our initial focus will be on investing in the core Virgin Australia domestic and short-haul international operation alongside our 10-million-member strong Velocity Frequent Flyer programme, continuing to offer an extensive network of destinations, a domestic lounge network and value for money for customers," chief executive Paul Scurrah said in a statement.
Larger rival Qantas Airways has also announced plans to cut at least 20 per cent of its workforce due to the decline in demand caused by the pandemic and associated travel restrictions. Creditors, who are owed A$6.8 billion are due to vote on the sale by early next month. Unsecured bondholders have said they will propose an alternative debt-to-equity swap, which would also be put to a vote at the meeting.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virgin Atlantic Airways seeks US Chapter 15 bankruptcy protectionVirgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Virgin Galactic's Branson to fly into space in early 2021Billionaire Richard Branson will fly into space on a Virgin Galactic rocketship early next year, the space tourism company he founded said on Monday, adding that it would raise new funds with a share offering. Branson's trip to space hinges on the success of two upcoming test flight programs, Virgin
Source: YahooSG - 🏆 3. / 71 Read more »
Richard Branson to fly into space on a Virgin Galactic rocketship in early 2021MOJAVE, CALIFORNIA (REUTERS) - Billionaire Richard Branson will fly into space on a Virgin Galactic rocketship early next year, the space tourism company he founded said on Monday (Aug 3), adding that it would raise new funds with a share offering.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Goldman Sachs names new equity capital head for Australia, New ZealandGoldman Sachs Group Inc has named Ian Taylor as the bank's new head of equity capital markets (ECM) for Australia and New Zealand, a spokeswoman ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
NRL to reduce Storm crowd size, basketball players test positiveAustralia's National Rugby League have cut crowd numbers for the Melbourne Storm's next match amid concerns social distancing protocols were not ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
COVID-19: MOH reports 226 new cases including prison inmate on short-term visit passThe Ministry of Health (MOH) has preliminarily confirmed 226 new COVID-19 cases as of Monday (3 August) noon, bringing Singapore’s total to 53,051.
Source: YahooSG - 🏆 3. / 71 Read more »