- Joined
- Sep 22, 2008
- Messages
- 76,181
- Points
- 113
NOL sold American eagle tankers to misc and they are making huge profits from it. Bad times, tankers becomes storage.good times, rates go higher.
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
How should Singapore bail out SIA?
- Thread starter Dr Christopher Cheok C S
- Start date
- Joined
- Oct 5, 2018
- Messages
- 16,405
- Points
- 113
Singapore Air Burns Through Half of Cash Raised in Two Months
https://www.bloomberg.com/news/arti...-of-cash-raised-in-two-months?srnd=markets-vp
https://www.bloomberg.com/news/arti...-of-cash-raised-in-two-months?srnd=markets-vp
- Joined
- Oct 5, 2018
- Messages
- 16,405
- Points
- 113
CAD should investigate if someone took pocket money, that's why the purchase deposits cannot be forfeited.
- Joined
- Jun 27, 2018
- Messages
- 29,394
- Points
- 113
Sia just lost all its investments in virgin Australia
Bain Capital becomes the new owner of Virgin Australia after creditors agree to $3.5 billion deal
Posted 34m
A row of Virgin Australia aircraft grounded at on airport after the company went into voluntary administration in April 2020.
Unions representing many of Virgin's 9,000 employees voted yes to sale of Australia's second biggest airline.(ABC News: John Gunn)
Share
US private equity firm Bain Capital is the new owner of Virgin Australia, with the largest group of creditors voting in favour of the $3.5 billion sale on Friday.
Key points:
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
Unions representing many of Virgin's 9,000 employees voted yes to sale of Australia's second biggest airline at a lengthy creditors meeting.
Virgin Australia has been one of the biggest corporate casualties of the coronavirus crisis, making a third of its workforce redundant.
It was one of the Asia-Pacific region's first airlines to fall when it was placed into voluntary administration on April 21, with debts of $6.8 billion.
It collapsed after its biggest shareholders, including Richard Branson's Virgin Group, and the Federal Government declined to give additional funding to save the airline.
Bain Capital's plan is now seen as the company's fastest route to recovery.
The Boston-based firm has vowed to keep thousands of jobs, honour all employee entitlements and carry forward all travel credits and Velocity frequent flyer booked flights.
It has also said it will invest in regional services, however, Virgin will no longer operate as a full-service carrier like Qantas.
When flights resume post COVID, the airline will be operating a much smaller fleet of Boeing 737s.
Virgin Australia chief executive Paul Scurrah has said he expects to have between 30 and 60 Boeing 737s in the air by the middle of 2021, depending on demand.
Virgin Australia boss Paul Scurrah looks off to the right while standing behind a model plane.
Virgin Australia chief executive Paul Scurrah has said he expects to have between 30 and 60 Boeing 737s in the air by the middle of 2021, depending on demand.(AAP: Joel Carrett)
Workers get full entitlements, bondholders lose out
Virgin has more than 10,000 creditors, the bulk of whom are its 9,000 employees, but which also include bondholders and aircraft lessors.
Bain's offer includes the payment of all $450 million in worker entitlements and all $2.3 billion of debt Virgin owes to secured creditors.
Bondholders had pumped about $2 billion into the airline before its COVID-induced troubles began.
Some bondholders had tried to overrule the binding sale to Bain Capital in the Federal Court, fearing they would see as little as 10 cents in the dollar for their debt.
However, these efforts were unsuccessful and they are only expected to get a return of between 9 and 13 cents on the dollar.
Deloitte has estimated the return to be between $462 million and $612 million.
There were suggestions that former Jetstar chief executive Jayne Hrdlicka might step in as the new CEO.
However, there was some union pushback and she is expected to take a board role, possibly as chair, following on from her advisory role to Bain during the bidding process.
A close up of Jayne Hrdlicka as she speaks into a microphone.
Jetstar chief executive Jayne Hrdlicka is expected to take a board role, possibly as chairman, following on from her advisory role to Bain during the bidding process.(AAP: Tracey Nearmy)
Vote passes with support of key unions
Prior to the vote, key union, the Transport Workers Union (TWU), and Virgin Group founder Richard Branson both indicated they would back Bain Capital's plan to buy the troubled airline.
Bain's deed of company arrangement (DOCA) was also supported by the Australian Federation of Air Pilots and Virgin Independent Pilots Association.
There will be no return to Virgin's major shareholders, which include Singapore Airlines, Etihad Airways, China's Nanshan Group and HNA and Sir Richard Branson's Virgin Group.
Before Friday's vote, a spokesman for Virgin Group and the Branson family told ABC News they supported Bain's plan for the revival of Virgin Australia.
"We have a strong relationship with Bain through building Virgin Voyages and they understand what it takes to create a modern Virgin business," the spokesman said.
"We believe their approach will best protect the future of the airline, its wonderful staff and see it return to the skies as a competitive force in Australia once again.
"Bain has the resources, aviation experience, and long-term vision to bring this plan to life. We look forward to working with them and the Virgin Australia team to help the company through these tough times and realize its true potential."
Despite repeated requests for the Federal Government to bail-out the airline, the Morrison Government has constantly said it prefers to leave the market to sort out its own problems.
The Government has provided all airlines some level of support, however, due to all domestic carriers having to ground flights because of the COVID-pandemic.
Virgin Australia had once sought to be a full-service carrier in direct competition to Qantas.
That was the strategy of former CEO John Borghetti, which Deloitte and commentators more broadly have said is a key reason the company racked up huge debts that it later could not afford to pay.
With the appointment of chief executive Paul Scurrah in March 2019, the company undertook a strategic review designed to simplify the business and drive cost reduction.
But then the coronavirus pandemic hit, and the airline was left with too much debt and no incoming revenue as most international and domestic flights were grounded in late March.
Posted 34m
Bain Capital becomes the new owner of Virgin Australia after creditors agree to $3.5 billion deal
Posted 34m
A row of Virgin Australia aircraft grounded at on airport after the company went into voluntary administration in April 2020.
Unions representing many of Virgin's 9,000 employees voted yes to sale of Australia's second biggest airline.(ABC News: John Gunn)
Share
US private equity firm Bain Capital is the new owner of Virgin Australia, with the largest group of creditors voting in favour of the $3.5 billion sale on Friday.
Key points:
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
Unions representing many of Virgin's 9,000 employees voted yes to sale of Australia's second biggest airline at a lengthy creditors meeting.
Virgin Australia has been one of the biggest corporate casualties of the coronavirus crisis, making a third of its workforce redundant.
It was one of the Asia-Pacific region's first airlines to fall when it was placed into voluntary administration on April 21, with debts of $6.8 billion.
It collapsed after its biggest shareholders, including Richard Branson's Virgin Group, and the Federal Government declined to give additional funding to save the airline.
Bain Capital's plan is now seen as the company's fastest route to recovery.
The Boston-based firm has vowed to keep thousands of jobs, honour all employee entitlements and carry forward all travel credits and Velocity frequent flyer booked flights.
It has also said it will invest in regional services, however, Virgin will no longer operate as a full-service carrier like Qantas.
When flights resume post COVID, the airline will be operating a much smaller fleet of Boeing 737s.
Virgin Australia chief executive Paul Scurrah has said he expects to have between 30 and 60 Boeing 737s in the air by the middle of 2021, depending on demand.
Virgin Australia boss Paul Scurrah looks off to the right while standing behind a model plane.
Virgin Australia chief executive Paul Scurrah has said he expects to have between 30 and 60 Boeing 737s in the air by the middle of 2021, depending on demand.(AAP: Joel Carrett)
Workers get full entitlements, bondholders lose out
Virgin has more than 10,000 creditors, the bulk of whom are its 9,000 employees, but which also include bondholders and aircraft lessors.
Bain's offer includes the payment of all $450 million in worker entitlements and all $2.3 billion of debt Virgin owes to secured creditors.
Bondholders had pumped about $2 billion into the airline before its COVID-induced troubles began.
Some bondholders had tried to overrule the binding sale to Bain Capital in the Federal Court, fearing they would see as little as 10 cents in the dollar for their debt.
However, these efforts were unsuccessful and they are only expected to get a return of between 9 and 13 cents on the dollar.
Deloitte has estimated the return to be between $462 million and $612 million.
There were suggestions that former Jetstar chief executive Jayne Hrdlicka might step in as the new CEO.
However, there was some union pushback and she is expected to take a board role, possibly as chair, following on from her advisory role to Bain during the bidding process.
A close up of Jayne Hrdlicka as she speaks into a microphone.
Jetstar chief executive Jayne Hrdlicka is expected to take a board role, possibly as chairman, following on from her advisory role to Bain during the bidding process.(AAP: Tracey Nearmy)
Vote passes with support of key unions
Prior to the vote, key union, the Transport Workers Union (TWU), and Virgin Group founder Richard Branson both indicated they would back Bain Capital's plan to buy the troubled airline.
Bain's deed of company arrangement (DOCA) was also supported by the Australian Federation of Air Pilots and Virgin Independent Pilots Association.
There will be no return to Virgin's major shareholders, which include Singapore Airlines, Etihad Airways, China's Nanshan Group and HNA and Sir Richard Branson's Virgin Group.
Before Friday's vote, a spokesman for Virgin Group and the Branson family told ABC News they supported Bain's plan for the revival of Virgin Australia.
"We have a strong relationship with Bain through building Virgin Voyages and they understand what it takes to create a modern Virgin business," the spokesman said.
"We believe their approach will best protect the future of the airline, its wonderful staff and see it return to the skies as a competitive force in Australia once again.
"Bain has the resources, aviation experience, and long-term vision to bring this plan to life. We look forward to working with them and the Virgin Australia team to help the company through these tough times and realize its true potential."
Despite repeated requests for the Federal Government to bail-out the airline, the Morrison Government has constantly said it prefers to leave the market to sort out its own problems.
The Government has provided all airlines some level of support, however, due to all domestic carriers having to ground flights because of the COVID-pandemic.
Virgin Australia had once sought to be a full-service carrier in direct competition to Qantas.
That was the strategy of former CEO John Borghetti, which Deloitte and commentators more broadly have said is a key reason the company racked up huge debts that it later could not afford to pay.
With the appointment of chief executive Paul Scurrah in March 2019, the company undertook a strategic review designed to simplify the business and drive cost reduction.
But then the coronavirus pandemic hit, and the airline was left with too much debt and no incoming revenue as most international and domestic flights were grounded in late March.
Posted 34m
- Joined
- Sep 22, 2008
- Messages
- 76,181
- Points
- 113
Hedge funds are the best. They can buy and sell any business they want.
- Joined
- Aug 6, 2008
- Messages
- 14,858
- Points
- 113
Let SIA crash and burn.
Then rebuild using the experience and external financing but local control.
That will be a more robust entity able to survive adversity.
Pay pilot not much more than bus drivers or prime mover drivers.
Pay aircraft engineer same as motor mechanic because that is all they do, swap out and change parts.
Pay stewardesses same as waitresses in restaurants. Allow tipping andnyou will see a drastic improvement in service.
Pay management same as macdonald managers. They are after all a zero-add to the quality of flight service.
Then rebuild using the experience and external financing but local control.
That will be a more robust entity able to survive adversity.
Pay pilot not much more than bus drivers or prime mover drivers.
Pay aircraft engineer same as motor mechanic because that is all they do, swap out and change parts.
Pay stewardesses same as waitresses in restaurants. Allow tipping andnyou will see a drastic improvement in service.
Pay management same as macdonald managers. They are after all a zero-add to the quality of flight service.
- Joined
- Oct 5, 2018
- Messages
- 16,405
- Points
- 113
I was under the impression that we are bailing out SIA to save jobs, looks like it is not true. After injecting billions and more under Job-Support-Scheme, what are we using these money for? Save Liew's ass?
SIA to Eliminate 4300 positions
https://www.businesstimes.com.sg/companies-markets/sia-to-eliminate-4300-positions
SIA to Eliminate 4300 positions
https://www.businesstimes.com.sg/companies-markets/sia-to-eliminate-4300-positions
- Joined
- Sep 22, 2008
- Messages
- 76,181
- Points
- 113
All these madness can end now if we start living normsl lives.
- Joined
- Sep 22, 2008
- Messages
- 76,181
- Points
- 113
Like scoot?
Similar threads
