The bulk of those creditors were employees, and the fate of Virgin Australia lay in their hands. Virgin Australia is today launching a 12-hour comeback sale – with one travel expert admitting holidaymakers will need to balance COVID-19 concerns and … “That has certainly been the case here, but we have remained determined to ensure the best outcome for the Virgin team, all creditors and the industry as a whole. The company is not a party to or involved in any proposal of InterGlobe Enterprises in relation to the sale of Virgin Australia, says InterGlobe Aviation Virgin Australia’s sale to US private investment company Bain Capital is officially complete. Strawbridge also thanked the Virgin Australia management team and all Virgin Australia staff: “It goes without saying that these have been extraordinarily difficult circumstances under which they have continued to work, not least the patience they have shown while on stand down from normal operations. The DOCAs, formally approved by creditors on 4 September 2020, provide for: Virgin Australia has launched a massive flight sale starting today - with some fares to popular destinations as low as $69. 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. “Bain Capital has demonstrated its commitment to bringing the business out of administration and through the added hardship, brought about by COVID-19 and rebuilding the airline to compete effectively for the long term,” he said. On Tuesday, a Federal Court in Sydney cleared the way to transfer over 8 billion Virgin Australia shares to new owners, Boston-based Bain Capital. Our website might also contain third party cookies from our partners. On top of that, Virgin Australia has acknowledged the COVID-fucked nature of life in Australia, offering passengers unlimited free booking alterations until the … If you choose not to accept cookies, please refrain from using the Virgin Australia website. Major owners of Virgin Australia's unsecured bonds have launched an extraordinary intervention to hold up the bankrupt airline's sale to Bain Capital. By David Flynn, April 30 2020 The looming sale of Virgin Australia will be "a very competitive process" involving "high-quality bidders with fantastic credentials and the ability to restructure this business." It was clear from the start we needed to achieve a market-led solution for the airline.”, Acknowledging his fellow administrators, John Greig, Sal Algeri and Richard Hughes, Strawbridge said: “We have done everything in the administration together, every decision, every step, and been supported by our amazing teams who we are so very proud to work with. On Tuesday, a Federal Court in Sydney cleared the way to transfer over 8 billion Virgin Australia shares to new owners, Boston-based Bain Capital. Receive monthly progress reports from a dedicated account management team. As well, a special mention to my fellow Deloitte Restructuring Services partners, David Orr, Grant Sparks, Tim Heenan, Matt Donnelly, Sam Marsden and Kathryn Evans, who have played an important role in getting us to where we are today.”. “Since our appointment in April this year, the process has taken seven months to get to this point – a point where the business is ready to hand over to new owners in Bain Capital. Chanticleer. Virgin Australia is dropping 300,000 super cheap domestic flights to kickstart Aussie tourism once again. • Retention of aircraft and equipment Creditors give Virgin Australia sale the green light When Virgin Australia collapsed in April, it left over 10,000 creditors out of pocket. Commenting on the administration process Strawbridge said the role of Voluntary Administrators is always a challenging one, and inevitably undertaken in challenging circumstances. Nor can we forget the circumstances in which we found ourselves and the need for an efficient and effective process, given the funding constraints we faced,” he said. • Continuation of the Velocity Frequent Flyer program Virgin Australia sale to Bain Capital passes creditor vote. 17 November 2020: Deloitte Restructuring Services partners, and joint Virgin Australia Voluntary Administrators Vaughan Strawbridge, John Greig, Richard Hughes and Sal Algeri today announced the completion of the sale of the Virgin Australia Group, with the shares and the entire business of the airline being transferred to Bain Capital. “While our formal role with the airline comes to an end, we do continue to represent the interests of creditors as we manage the process to assess claims and make distributions to creditors,” Strawbridge said. Unions and billionaire Virgin Group owner Richard Branson supported bid from US … Virgin Australia’s sale process should wrap up next week. “Creating deal certainty was critical from both the buyer and our perspectives, particularly given the investment the buyer was being asked to make and the importance to the economy that Virgin Australia remain a competitive force. Virgin Australia leads Click Frenzy sale with flights from $75 By Katherine Scott | 6 months ago Virgin Australia have teamed up with the folks behind those mega-sales, Click Frenzy, for a three-day online event starting today — launching a full 10-hours before other Click Frenzy participants. “Then creating competitive tension in the sale process was the key element to ensuring a successful outcome to deliver a restructure of the business and survival of the airline. Virgin Australia has launched a massive flight sale starting today – with some fares to popular destinations as low as $69. Contact us to make a booking, manage your booking, or find out information about Virgin Australia. Contact us to make a booking, manage your booking, or find out information about Virgin Australia. We want our website to be informative, personal, and as user friendly as possible and cookies and similar technologies help us achieve that goal. In conclusion, Strawbridge said the next stage in the life of this great airline will be in the hands of Bain Capital. Check out the latest flight specials on offer. Ha sede a Brisbane ed è di proprietà del gruppo Virgin Australia Holdings Limited Accordi commerciali. “In such extraordinary circumstances, with the COVID-19 induced crisis impacting every airline in the world, it was critical we conducted a process to protect the business and create a platform for its restructure and re-emergence from administration. “The administration involved a large number of work streams covering every part of the business and that have required close and productive relationships and support from day one with multiple stakeholders in Australia and overseas – from Virgin Australia management and employees, to unions, governments, equipment lessors, Velocity Frequent Flyer members & partners and potential and, now, new owners. It suddenly found itself as a major airline in Australia's domestic market after the collapse of Ansett Australia in September 2001. Virgin Australia on sale. But the deal's today only. Receive two complimentary Velocity Pilot Gold memberships when reaching $2,000. We aren’t throwing away the rule book, we’re just taking it on holiday. While Deloitte okayed the sale of the airline to Bain Capital, the final say lay with the creditors. The Administrators have faced an enormous amount of challenges throughout the process, but navigated through these with the support of the Deloitte team, the Virgin team, the legal advisors in Clayton Utz, led by Timothy Sackar, and sale advisors, Houlihan Lokey and Morgan Stanley. Discounted Virgin Australia Lounge Memberships and offers year-round. “Virgin Australia has a truly unique culture, and is a business and brand loved by its employees. Would-be owners of Virgin Australia have two weeks to lodge their first offer for the airline. Given the second COIVD-19 wave in June, our innovative sale structure became hugely significant in achieving, firstly, the survival of the company, and then the successful outcome we see today. • Unsecured creditors receiving between 13 and 9 cents in the dollar on their claims (from a pool of funds of between $462 million and $612 million) “We also thank the unions that have supported their members and worked with us throughout this difficult period, and of course, we could not have continued to trade without the support of, and agreement with, lessors and financiers, service providers to the business and partners. “We would also like to commend the work of Bain Capital, the speed in which they acted to be in a position to commit to buying the airline, and the unrelenting resilience they have shown to get to completion has been exceptional.”. Virgin Australia's $3.5 billion sale to Bain Capital had been expected to pass with the backing of key unions and the Virgin Group The airline will no longer be a full-service carrier, operating with a far smaller fleet and more limited routes Bain has vowed to pay out all worker entitlements and honour travel credits © Virgin Australia Airlines Pty Ltd ABN 36 090 670 965 | Conditions of Carriage | Privacy | Terms of Use. • Interim funding and acceptance of economic risk by Bain from 1 July 2020. The ruling came despite two shareholders challenging the transfer. Virgin Australia Airlines, precedentemente chiamata Virgin Blue Airlines, è la seconda compagnia aerea australiana. Receive two complimentary Velocity Pilot Gold memberships when reaching $2,000. There is an amazing culture at Virgin and it has continued to shine, and will no doubt be intrinsic to the airline’s future. The sale follows a chaotic 2020 for the travel industry, with the airline now looking to entice back flyers with reduced fares as well asfree booking flexibility. Save 10% on select domestic and international flights. • The value of all customer travel credits and prepaid flights provided post-administration Save 10% on select domestic and international flights. Good news in the domestic aviation industry is not necessarily being shared equally between the two players - Qantas and Virgin. It truly has been a team effort,” Strawbridge said. To achieve the best outcome for everyone, it was also vital that as many jobs as possible be preserved. This now ends what has been an ongoing and lengthy process since April this year, when the airline went into administration.. Trade unions at the airline supported the sale as well, even though it is going to cost around 3,000 jobs as a result. If you choose not to accept cookies, please refrain from using the Virgin Australia website. Receive monthly progress reports from a dedicated account management team. It commenced services on 31 August 2000 as Virgin Blue, with two aircraft on a single route. Virgin Australia sale offers $69 domestic airfares, flexible bookings. Announcing the milestone, lead administrator Vaughan Strawbridge said: “Today is an important day for the future of Virgin Australia as Bain Capital takes custody of the airline after one of the most challenging administrations in Australia’s corporate history, not least as a business, an employer of thousands of people, and a key contributor to national and state economies. 17 November 2020: Deloitte Restructuring Services partners, and joint Virgin Australia Voluntary Administrators Vaughan Strawbridge, John Greig, Richard Hughes and Sal Algeri today announced the completion of the sale of the Virgin Australia Group, with the shares and the entire business of the airline being transferred to Bain Capital. LONDON – Creditors of Virgin Australia (VA) have voted to approve the sale of the airline to Bain Capital. Virgin Australia will slash prices on a range of domestic flights in a seven-hour sale on Thursday, with one-way fares as low as $69. Virgin Australia will slash prices on a range of domestic flights in a seven-hour sale on Thursday, with one-way fares as low as $69. “Recognising the human impact of the airline going into administration, we have used this as motivation to make sure we remained one hundred percent focused on achieving the outcome we have, driving through adversity and challenges as they arose, and there were a lot. “We have certainly had our fair share of challenges, but we have remained focused - undertaking a process with the objective of ensuring the business continued, to maximise job retention and ensuring the best outcome for all creditors.”. http://specials.virginaustralia.com/ “We wish the Bain Capital team, and all Virgin Australia employees the very best as they now focus on the future. If calling from Contact number; Australia: ... Fares will remain on sale until … “This rigorous and competitive administration, restructuring and sale process now provides certainty for employees and customers, a return to creditors, opportunities for suppliers and financiers to continue to trade with Virgin Australia, as well as maintaining a competitive Australian aviation industry for the benefit of consumers.”. We use cookies and similar technologies on our website to improve the content and functioning of our website and to show you relevant advertising. This article is more than 3 months old. The ruling came despite two shareholders challenging the transfer. As part of Virgin’s weekly happy hour window, held each Thursday, the airline will release 300,000 one-way economy fares from 4pm until 11pm AEDT on Thursday – unless sold out prior. • Continued employment for the majority of employees and entitlements paid in full, including for those leaving the business Virgin Australia sale drops fares from $69 across 300,000 seats; First Jetstar sale of the year has $37 flights across Australia; Take off from $75 in the latest Virgin Australia Happy Hour sale Since our appointment on 20 April this year, the approach we have taken, including how the sale was structured, has involved significant amounts of work and innovative approaches to a wide range of tasks and issues, many of which have not been encountered previously in either Australian or international market contexts. Virgin Australia’s sale process should wrap up next week. “From the outset, our team strove to create options for the airline’s survival; committed to maintaining staff levels so the airline’s people could remain connected to the business and also access JobKeeper while the sale process was worked through; and understood more fully the implications of COVID-19 on the business, the likely future shape of the business and the speed of recovery of the industry in Australia, which has been very different to the experience around the world given the disruption to internal markets from state border closures. This has also been the most challenging part of the administration, the human element, seeing the impact on so many people, their industry in turmoil and the impact on the careers they have chosen,” Strawbridge said. “The environment remains challenging for the business and the aviation industry, but the airline is now in the best possible place to meet those challenges and be ready for opportunities that will undoubtedly emerge once COVID is no longer.”, 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, Velocity Frequent Flyer gifts members 20 million points. The Federal Government also played a critical role with its industry support package and underwriting of certain key flights which has been essential to operations, and we thank them for that.”, OPTIONALITY AND COMPETITIVE TENSION FOR THE BEST OUTCOME. “While the outcome of the process is extraordinary, as Administrators we do acknowledge it has come at a cost for many Virgin Australia employees who have lost their jobs, and suppliers and creditors who will not receive all of the monies owed to them and investors who will receive nothing.”. If calling from Contact number; Australia: ... Fares will remain on sale until … The sale follows a chaotic 2020 … “There are a lot of people who have contributed to the success of this restructure and transaction and we will be eternally grateful to them for their extraordinary contribution. On behalf of the Deloitte team, Strawbridge said: “The successful conclusion of the administration is a tribute to the assistance and support given to our team by Virgin Australia’s dedicated, hard working and loyal management and staff, who kept the airline flying throughout, the unions who supported them and Virgin’s service providers, all working together to ensure that Australia’s aviation sector will remain vibrant and competitive in the post-COVID era. Brighter skies as Virgin sale nears. “This has been a very complex insolvency appointment further complicated by the fact that the process was undertaken and completed during Australia’s Covid-19 shutdown. Find sale fares across Economy, Premium and Upper Class and get away for less. You can learn more about how we use these technologies in our Cookies Policy and Privacy Policy. Earn travel credits when you spend $20,000 or more on eligible flights If you choose not to accept cookies, please refrain from using the Virgin Australia website. Virgin Australia faces a cash crisis and is due to run out of cash by the end of the month, but any sale needs to be approved by creditors who could meet as late as August. Contact us to make a booking, manage your booking, or find out information about Virgin Australia. Discounted Virgin Australia Lounge Memberships and offers year-round. Virgin Australia’s long road to new ownership and a relaunch is almost over. “In difficult circumstances, the focus has always been on the interests of creditors and ensuring that a strong and viable business could emerge from external administration under new and committed owners, and as a contributor to a competitive Australian aviation industry.”, DEEDS OF COMPANY ARRANGEMENT (DOCA'S) - KEY POINTS. Earn travel credits when you spend $20,000 or more on eligible flights The last sale we saw from Virgin Australia hit a record low from $69 for its Happy Hour promotion, and right before that was its Early Bird offer started from $89 each way. Triggered by the COVID-19 pandemic, it has been a process like no other in Australian corporate history. Don’t miss the Virgin Atlantic sale, here you’ll find the best deals to the US, Caribbean and many more destinations. Flight sale starting today - with some fares to popular destinations as low as $ 69,. With the creditors and a relaunch is almost over market after the collapse of Ansett in. Airlines Pty Ltd ABN 36 090 670 965 | Conditions of Carriage | Privacy | of... Commenting on the future Australia Airlines Pty Ltd ABN 36 090 670 965 | Conditions Carriage. Cookies from our partners and Privacy Policy employees, and the fate of Virgin Australia employees the very as! 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