“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.”. 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. Contact us to make a booking, manage your booking, or find out information about Virgin Australia. We aren’t throwing away the rule book, we’re just taking it on holiday. • Continued employment for the majority of employees and entitlements paid in full, including for those leaving the business “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. On top of that, Virgin Australia has acknowledged the COVID-fucked nature of life in Australia, offering passengers unlimited free booking alterations until the … 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 Commenting on the administration process Strawbridge said the role of Voluntary Administrators is always a challenging one, and inevitably undertaken in challenging circumstances. Virgin Australia’s long road to new ownership and a relaunch is almost over. 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. “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. Discounted Virgin Australia Lounge Memberships and offers year-round. 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. Discounted Virgin Australia Lounge Memberships and offers year-round. • Retention of aircraft and equipment 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.”. 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. “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. The DOCAs, formally approved by creditors on 4 September 2020, provide for: 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. 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. Virgin Australia on sale. The ruling came despite two shareholders challenging the transfer. It truly has been a team effort,” Strawbridge said. 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. Contact us to make a booking, manage your booking, or find out information about Virgin Australia. http://specials.virginaustralia.com/ Virgin Australia’s sale process should wrap up next week. Find sale fares across Economy, Premium and Upper Class and get away for less. Save 10% on select domestic and international flights. 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. 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. We use cookies and similar technologies on our website to improve the content and functioning of our website and to show you relevant advertising. • Continuation of the Velocity Frequent Flyer program 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. • The value of all customer travel credits and prepaid flights provided post-administration It commenced services on 31 August 2000 as Virgin Blue, with two aircraft on a single route. 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. Check out the latest flight specials on offer. Virgin Australia is dropping 300,000 super cheap domestic flights to kickstart Aussie tourism once again. Receive two complimentary Velocity Pilot Gold memberships when reaching $2,000. Virgin Australia has launched a massive flight sale starting today – with some fares to popular destinations as low as $69. Creditors give Virgin Australia sale the green light When Virgin Australia collapsed in April, it left over 10,000 creditors out of pocket. Good news in the domestic aviation industry is not necessarily being shared equally between the two players - Qantas and Virgin. Virgin Australia’s sale to US private investment company Bain Capital is officially complete. Save 10% on select domestic and international flights. Major owners of Virgin Australia's unsecured bonds have launched an extraordinary intervention to hold up the bankrupt airline's sale to Bain Capital. 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. If you choose not to accept cookies, please refrain from using the Virgin Australia website. “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.”. Would-be owners of Virgin Australia have two weeks to lodge their first offer for the airline. Earn travel credits when you spend $20,000 or more on eligible flights “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. Brighter skies as Virgin sale nears. Our website might also contain third party cookies from our partners. 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. 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. “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. Contact us to make a booking, manage your booking, or find out information about Virgin Australia. 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. Triggered by the COVID-19 pandemic, it has been a process like no other in Australian corporate history. Earn travel credits when you spend $20,000 or more on eligible flights 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. “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. • Interim funding and acceptance of economic risk by Bain from 1 July 2020. While Deloitte okayed the sale of the airline to Bain Capital, the final say lay with the creditors. “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. 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. But the deal's today only. Receive monthly progress reports from a dedicated account management team. 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. Don’t miss the Virgin Atlantic sale, here you’ll find the best deals to the US, Caribbean and many more destinations. “Virgin Australia has a truly unique culture, and is a business and brand loved by its employees. If calling from Contact number; Australia: ... Fares will remain on sale until … In conclusion, Strawbridge said the next stage in the life of this great airline will be in the hands of Bain Capital. Chanticleer. 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 The sale follows a chaotic 2020 … Unions and billionaire Virgin Group owner Richard Branson supported bid from US … 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. 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. © Virgin Australia Airlines Pty Ltd ABN 36 090 670 965 | Conditions of Carriage | Privacy | Terms of Use. “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.”. “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. “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. 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. We want our website to be informative, personal, and as user friendly as possible and cookies and similar technologies help us achieve that goal. • 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) It suddenly found itself as a major airline in Australia's domestic market after the collapse of Ansett Australia in September 2001. If calling from Contact number; Australia: ... Fares will remain on sale until … 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. The ruling came despite two shareholders challenging the transfer. Virgin Australia is today launching a 12-hour comeback sale – with one travel expert admitting holidaymakers will need to balance COVID-19 concerns and … 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. 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." If you choose not to accept cookies, please refrain from using the Virgin Australia website. “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.”. “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. Ha sede a Brisbane ed è di proprietà del gruppo Virgin Australia Holdings Limited Accordi commerciali. 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. Virgin Australia sale offers $69 domestic airfares, flexible bookings. “We wish the Bain Capital team, and all Virgin Australia employees the very best as they now focus on the future. “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. “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. “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. Receive two complimentary Velocity Pilot Gold memberships when reaching $2,000. LONDON – Creditors of Virgin Australia (VA) have voted to approve the sale of the airline to Bain Capital. Virgin Australia Airlines, precedentemente chiamata Virgin Blue Airlines, è la seconda compagnia aerea australiana. Virgin Australia has launched a massive flight sale starting today - with some fares to popular destinations as low as $69. There is an amazing culture at Virgin and it has continued to shine, and will no doubt be intrinsic to the airline’s future. This article is more than 3 months old. “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. “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. You can learn more about how we use these technologies in our Cookies Policy and Privacy Policy. To achieve the best outcome for everyone, it was also vital that as many jobs as possible be preserved. The bulk of those creditors were employees, and the fate of Virgin Australia lay in their hands. 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
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