Virgin Australia, the trading name of Virgin Australia Airlines Pty Ltd, is an Australian-based airline.It is the largest airline by fleet size to use the Virgin brand. “That’s why you see all these investors waiting in the wings” to move on Virgin or finance a second airline, Mr Sobie said. However, whether that airline can afford it and whether the Australian Government will let the airline take control is another issue. Boston-based Bain Capital and New York-based Cyrus Capital Partners knocked out three other would-be bidders in what appeared to be a tightly fought contest. Photograph: Darren England/AAP Grounded airline Virgin Australia is considering going into administration as it races against time to get out from under a $4.8bn debt pile. Virgin Australia is a holding company for Virgin Australia International Airlines, Virgin Australia Domestic Airlines and also Tigerair Australia. At its helm is Ben Gray. Passengers took to Facebook, outraged at receiving a $2 meal after paying $2,500 for their tickets. Angus Kidman and Finder.com.au 3 min read It suddenly found itself as a major airline in Australia's domestic market after the collapse of Ansett Australia in September 2001. Queensland earlier on Monday declared it would “stop at nothing” to keep Virgin Australia headquartered in Brisbane. **Update on 04/20/2020 @ 22:55 UTC – The Australian Stock Exchange (ASX) has announced that Virgin Australia has gone into voluntary administration. Virgin Atlantic Flying Club members can still earn and redeem Flying Club miles on Virgin Australia flights. Currently, Australian carriers are flying very limited domestic schedules. There is substantial concern in Australia over what would happen to domestic air fares if Qantas had a virtual monopoly. A lean and re-capitalized airline could be just the thing to shake up the Australian aviation market. Despite entering administration, Virgin Australia is expected to continue flying on selected domestic routes until June 7, 2020, as part of the Government-subsidised 'minimum domestic network'. Please Support us by turning off your adblocker. The Australian airline market is still attractive over the long term, particularly the domestic segment. Virgin Australia had previously held around 31% of domestic flights, while Qantas controlled around 58% of the market. The Australian Government is believed to be following the situation closely. Virgin Australia has been struggling for some time under a crushing debt burden. Virgin still flying Adel-Melb route as administrators move in News . We have commenced a process of seeking interest from parties for participation in the recapitalisation of the business and its future, and there have been several expressions of interest so far,” said Mr Strawbridge. Amongst the disappointment, there’s an opportunity. There has been a trading halt on Virgin Australia’s stocks, but trading had been due to resume Tuesday morning Sydney time. Photo: Getty … Many argue that was Virgin Australia’s fatal error. What does this mean for shareholders? Virgin Australia’s headquarters are in Brisbane. For now, with almost all of Virgin Australia's fleet grounded and the Federal Government subsidising it flying a few critical routes, voluntary administration won't make much difference to customers. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. The carrier was already struggling with a long-term A$5billion (£2.55bn) debt. An international airline and private equity firm have combined forces in an attempt to acquire embattled Virgin Australia. The voluntary administration comes despite the Australian Government pumping around USD$1 billion into propping up the local aviation sector. Virgin Australia Group Chief Executive Officer, Paul Scurrah, said: “Our decision today is about securing the future of the Virgin Australia Group and emerging on the other side of the COVID-19 crisis. Virgin Australia has reportedly gone into voluntary administration. No formal notification has yet been lodged with the Australian Stock Exchange. Virgin Australia has been bought by US private equity group Bain Capital after falling into administration due to coronavirus travel restrictions. There are also 10,000+ employees in addition to a further 6,000 indirect employees whose fate is now uncertain. On Tuesday Virgin Australia went into external administration after being crushed by a $4.8bn debt mountain and failing to secure a federal government bailout. However, at approximately 17:30 Sydney time on Monday afternoon, news broke that Virgin Australia was about to go into voluntary administration. The COVID-19 pandemic came as the Group was progressing on a significant transformation program to reset its cost base including consolidating its workforce, simplifying the fleet, withdrawing from unprofitable routes and reviewing and renegotiating supplier agreements. Wednesday 18 November 2020: Virgin Australia has today become the first major Australian airline in history to exit voluntary administration and has unveiled its future direction under the leadership of new CEO and Managing Director Jayne Hrdlicka. Virgin Australia has confirmed it has entered voluntary administration - making it Australia's first big corporate casualty of the coronavirus pandemic. This news follows months of struggles. Virgin Australia may have entered into voluntary administration but … Virgin Australia’s sale to US private investment company Bain Capital is officially complete. Virgin Australia (ASX:VAH) has entered voluntary administration, making the announcement this morning via the ASX. Virgin, which competes against larger rival Qantas Airways Ltd, entered voluntary administration in April and owes nearly A$7 billion ($4.80 billion) to creditors. Virgin Australia is likely to keep running its slimmed-down schedule as the administrator, believed to be Deloitte, oversees the sale, and attempts to extract maximum value. The rejection had been flagged for some time. For the government this is a win. NSW engaged in a bidding war in an attempt to entice Virgin Australia south from Queensland even as it was reported the airline was heading into voluntary administration. That extended to Velocity Frequent Flyer, which is a separate company in the group and is not in administration. The … Virgin Australia had approached the Australian Government for a USD$890 million loan. What Might Summer 2021 Look Like For European Airlines? Virgin Australia is continuing to operate six flights a week between Adelaide and Melbourne, as the stricken airline begins the administration process. Bottom line. Virgin Australia may have entered into voluntary administration but … The move comes after the Federal government declined to cough up the $1.4 billion in bail-out money the airline requested, while the separate offers made by the Queensland and NSW State Governments fell well short of what was required. Virgin Australia had exceptionally high debt of A$4.8 billion (£2.4 billion). "It must keep trading in administration, and then come out of administration with new shareholders that include the federal government." The airline received a boost when Ansett Australia collapsed under different circumstances in 2001. According to a report in The Australian Financial Review, the airline has been backed into a corner and has no option but to hand over to administrators. It’s yet to be confirmed who the international airline is but Richard Branson’s Virgin Group has been ruled out of the race. The administration of Virgin Australia has just commenced, but for now, there is no change for Flying Club members. Virgin Australia's creditors voted to sell the company to private equity firm Bain Capital months after Virgin entered administration amid the coronavirus crisis. The decision comes as the Group has continued to seek financial assistance from a number of parties, including State and Federal Governments, to help it through the unprecedented crisis, however is yet to secure the required support. The Brisbane-based carrier entered “voluntary administration” — the Australian equivalent of bankruptcy restructuring — on April 21, Virgin Australia said in a statement. What is Virgin Australia? The Group’s Board of Directors has appointed Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes of Deloitte as voluntary administrators of the company and a number of its subsidiaries. Virgin Australia declined to comment on media reports on Monday evening that it will file for voluntary administration due to crippling debts exacerbated by the coronavirus lockdowns. Virgin Australia is continuing to operate six flights a week between Adelaide and Melbourne, as the stricken airline begins the administration process. Virgin Australia can still be rescued," she said. Credit: James D. Morgan / Getty Images. Based in Melbourne, Australia. Velocity Frequent Flyer, while owned by the Group, is a separate company and is not in administration. Virgin Australia entered voluntary administration under a mountain of debt and the future of staff and customers is now up in the air. Virgin Australia goes into administration. Lead Journalist - Australasia - A Masters level education and appetite for travel combines to make Andrew an incredible aviation brain with decades of insight behind him. Administrator, Vaughan Strawbridge, said: “Our intention is to undertake a process to restructure and re-finance the business and bring it out of administration as soon as possible. “Australia needs a second airline and we are determined to keep flying. Myself, I’ve had some fantastic flights with fantastic staff on Virgin Australia. Sign up to our daily aviation news digest. “We are committed to working with Paul and the Virgin Australia team and are progressing well on some immediate steps. Virgin Australia was sprung last week for serving two-minute noodles in business class. However, it is believed this can occur before 19:00 tonight local time or at the opening of business tomorrow. The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and contribution. Virgin Australia co-founder Richard Branson, who still owns 10 per cent of the company through his Virgin Group, signalled his involvement in the company could continue passed the administration. File image of Virgin Australia plane. Virgin Australia has entered voluntary adminstration as the coronavirus crisis continues to devastate the global travel industry. Virgin Australia can still be rescued," she said. The administrators will be supported by the Group’s current management team, led by Chief Executive Officer Paul Scurrah, and will work closely with team members, suppliers, and partners throughout the process. There’s hope that most of the employees and assets will transform into a new airline. The international accounting firm Deloitte has been appointed to lead the process. Virgin Australia is in voluntary administration, but your Virgin Money insurance policy is safe. This afternoon, the Government formally rejected the application. “In 20 years, the Virgin Australia Group has earned its place as part of the fabric of Australia’s tourism industry. It has been a long and winding road for the ambitious airline that began its life in the late 1990s as Virgin Blue. Virgin Australia co-founder Richard Branson, who still owns 10 per cent of the company through his Virgin Group, signalled his involvement in the company could continue passed the administration. View more, Highlights from new Virgin Australia Group CEO Jayne Hrdlicka's first day, Virgin Australia prepares for the summer storm season, World first meditation flight with Sir Richard Branson, CEO Jayne Hrdlicka's first day in the role, Sir Richard Branson and Virgin Australia hold world-first meditation flight, All Virgin Australia domestic lounges open for business, Virgin Australia kicks goals with new AFL partnership. The Corona lead travel downturn brought its troubles to the fore. Despite entering administration, Virgin Australia is expected to continue flying on selected domestic routes until June 7, 2020, as part of the Government-subsidised 'minimum domestic network'. Virgin Australia has gone into voluntary administration. Virgin Australia has reportedly gone into voluntary administration. Virgin Australia has gone into voluntary administration, with accounting firm Deloitte appointed to oversee the process. Virgin Australia will play a vital role in getting the Australian economy back on its feet after the COVID-19 pandemic by ensuring the country has access to competitive and high-quality air travel.”. There is some speculation that it may be Chinese carrier HNA. Which Airports Might US Startup Breeze Airways Serve First. As Virgin Australia heads into administration, frequent flyers everywhere want to know: What does that mean for my Velocity Points? According to The Guardian, Virgin Australia is set to be placed into the hands of administrators this afternoon, with Big 4 accounting firm Deloitte tapped to take the company over. It commenced services on 31 August 2000 as Virgin Blue, with two aircraft on a single route. We use ads to keep our content free. Virgin Australia has threatened the Morrison government it will enter voluntary administration to salvage the business from total collapse if it … With its plea for a $1.4 billion government loan rebuffed, Australia's second major airline has entered voluntary administration. It has resisted funding the airline, preferring to let market forces come into play. We employ more than 10,000 people and a further 6,000 indirectly, fly to 41 destinations including major cities and regional communities, have more than 10 million members of our Velocity loyalty program, and contribute around $11 billion to the Australian economy every year,” said Mr Scurrah. Virgin Australia is preparing to go into voluntary administration, unable to survive under the weight of enormous debts and starved of cash by the coronavirus travel shutdown. Virgin Australia is expected to collapse into voluntary administration tonight after crisis talks failed to save the embattled airline - leaving 16,000 employees in limbo Tigerair was acquired by Virgin in 2015. While there was plenty of interest in buying Virgin Australia, there'll still be sighs of relief in the corridors of power that the airline has a new owner. If you have been impacted by the recent flight cancellations and still wish to travel, you may rebook using the travel credit issued to a Travel Bank or Conditional Credit. "It must keep trading in administration, and then come out of administration with new shareholders that include the federal government." I would not advise redeeming any Flying Club miles on Virgin Australia flights, as these flights may not operate in the future. At least 10,000 jobs would be at stake if the airline folds. Velocity Frequent Flyer, while owned by the Group, is a separate company and is not … Richard Branson's Virgin Australia entered voluntary adminstration last month. The restructuring of Virgin Australia is moving into the next stage following the announcement of the two shortlisted bidders on Tuesday. 12 March 2021 "Virgin Australia’s terms and conditions prior to administration did not provide for consumers to be given refunds for flight cancellations outside of Virgin’s control, such as COVID-19," an ACCC spokesperson advises Executive Traveller. Several administrators have been announced from Deloitte. Monday 15 March 2021: Virgin Australia will continue... But that’s all history. Virgin Australia has reportedly been put into voluntary administration. Virgin Australia will continue to review its network in line with travel demand and as states as borders reopen. Following the announcement of Virgin Australia going into voluntary administration, customers across the country have been left wondering whether their flight credits are still valid. Working closely with airlines including Qantas and Virgin Australia, Andrew’s first-hand knowledge of the challenges and opportunities facing Australian airlines adds exciting depth and color to his work and sees him providing commentary to ABC News and more. Nonetheless, it’s a lousy time for Virgin Australia’s employees, and Simple Flying acknowledges those affected by the potential administration in this challenging time. Queensland earlier on Monday declared it would "stop at nothing" to keep Virgin Australia headquartered in Brisbane. Emotional Virgin Australia staff have begged for the airline to be saved as it reportedly goes into voluntary administration, while Richard Branson wrote a lengthy open letter to his staff. NSW engaged in a bidding war in an attempt to entice Virgin Australia south from Queensland even as it was reported the airline was heading into voluntary administration. Virgin Australia will continue to operate its scheduled international and domestic flights which are helping to transport essential workers, maintain important freight corridors, and return Australians home. The airline has a fleet of 130 plus aircraft, many of which are leased. It employs around 10,000 staff directly and indirectly provides employment for 6,000 more. At the close of the business day in Australia on Monday, 20 April, word is filtering out concerning a Virgin Australia board meeting this afternoon. The international accounting firm Deloitte has been appointed to lead the process. Under a new CEO, John Borghetti, the airline shifted focus around ten years ago and transformed into a full-service airline. Virgin Australia is in voluntary administration, but your Virgin Money insurance policy is safe. Virgin Australia is preparing to go into voluntary administration, unable to survive under the weight of enormous debts and starved of cash by the coronavirus travel shutdown. On 23 April 2020, Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes in their capacity as Joint and Several Administrators caused to be filed an application pursuant to sections 443B(8) and 447A of the Corporations Act 2001 (Cth) to be heard at 10.15am on Friday, 24 April 2020 before Justice Middleton in the Federal Court of Australia by way of Microsoft Teams (Hearing). Photo: Getty Images. Virgin Australia has entered a voluntary administration. No formal notification has yet been lodged with the Australian Stock Exchange. Virgin Australia has entered voluntary administration. They were the airline’s best asset and will prove a hard act to follow. Virgin still flying Adel-Melb route as administrators move in News . VIRGIN Australia has plunged into voluntary administration with Deloitte drafted in to find a buyer in what has become Australia's first big corporate collapse of the coronavirus pandemic. Virgin Australia has entered voluntary administration, leaving the jobs of at least 15,000 airline workers and connected supply chain workers under a cloud. Virgin Australia will still operate limited international and domestic flights during administration as executives hope to come out of the process 'as soon as possible.' This provided both Qantas and Virgin with $165 million to underwrite flights serving all capital cities and regional centres on a break-even basis. The Government is believed to be waiting for the administrator to restructure the airline and see how it plays out before committing any funds. Virgin Australia enters voluntary administration Virgin Australia Holdings Limited has entered voluntarily administration, which comes after a board meeting yesterday. The Group’s Board of Directors has appointed Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes of Deloitte as voluntary administrators of the company and a number of its subsidiaries. Only Virgin Australia as an airline and Velocity points are currently being affected by this. Qatar Airways and Singapore Airlines are also names being thrown into the mix. There are just two bidders remaining in the Virgin Australia sale process. This provided both Qantas and Virgin with $165 million to underwrite flights serving all capital cities and regional centres on a break-even basis. Following the announcement of Virgin Australia going into voluntary administration, customers across the country have been left wondering whether their flight credits are still valid. Twenty years after Richard Branson launched a low-cost Australian airline, then called Virgin Blue, the carrier is reported to have gone into voluntary administration. 21 April 2020: Virgin Australia Holdings Limited (ASX: VAH) (Virgin Australia Group or Group) has entered voluntary administration to recapitalise the business and help ensure it emerges in a stronger financial position on the other side of the COVID-19 crisis. ... Follow these easy steps to disable AdBlock, Follow these easy steps to disable AdBlock Plus, Follow these easy steps to disable uBlock Origin, Follow these easy steps to disable uBlock, trading halt on Virgin Australia’s stocks, The rejection had been flagged for some time, One Year On – How Etihad Has Adapted To The COVID-19 Pandemic, United Airlines Cuts Its Transatlantic Capacity For Q3, ANA Reveals Plans To Celebrate 2 Years Of Airbus A380 Operations. Notice to Creditors of Joint and Several Administrators Application to Court: On 23 April 2020, Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes in their capacity as Joint and Several Administrators caused to be filed an application pursuant to sections 443B(8) and 447A of the Corporations Act 2001 (Cth) to be heard at 10.15am on Friday, 24 April 2020 before Justice Middleton … Be in the know. I’m hoping for the best outcome for the airline here, as this is an airline I really want to see survive.I love Virgin Australia as such, and even more than that, it’s important for Australia to at least have two semi-global full service airlines. This week, the government of Queensland said it is entering the bidding war for a piece of the airline. Flights from $55: Virgin Australia goes one better with... This news follows months of struggles. If you have a Virgin Money insurance policy , you can still make claims as normal. The process will allow the airline to restructure and seek outside investment after its current shareholders and the Australian government declined to provide aid. News.com.au has confirmed Virgin Australia chief executive Paul Scurrah told staff in a group briefing on Tuesday that Tigerair would remain an important part of the company as it emerged from administration. Virgin Australia 737 business class. Mr Gray was a leading force in APA’s ill-fated takeover attempt of Qantas about 13 years ago. The airline is very well regarded in Australia and, freed of its debt burden, should have a future. The private equity group is rumored to be BGH Capital. There has been a trading halt on Virgin Australia’s stocks, but trading had been due to resume Tuesday morning Sydney time.However, at approximately 17:30 Sydney time on Monday afternoon, news broke that Virgin Australia was about to go into voluntary administration. 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