Tag: VAH

Virgin Australia will try and relaunch a slimmer self by sacking 3,000 staff, or around a third of its workforce, and trying to sell its long-haul international jets and some smaller domestic aircraft. This will be attempted at a time when there are thousands of international jets unused and on the market, so it will be an act of heroic proportions if it can sell any plane.

Shareholders in Virgin Australia (VAH) have been wiped out in the sale of the failed airline to private equity group, Bain Capital.

Virgin Australia finally collapsed into administration yesterday after tottering on the edge for weeks. It is the biggest business casualty so far of the pandemic

Virgin Australia shares fell 6% to 15.6 cents yesterday after the company revealed plans to sack 750 back-office workers over the next 8 months and make every attempt to return to the black as quickly as possible.

Ratings agency, Moody’s has cast doubt on the story earlier this week in the Financial Review that Virgin Australia and Affinity were looking to sell Virgin’s Velocity Frequent flyers plan.

Virgin Australia has slashed its order of 38 Boeing 737 Max 8 jetliners by 15 to 23 (a cut of nearly 40%) despite more talk from US aviation circles that the troubled airliner could be back flying in June.

Virgin Australia CEO, John Borghetti is leaving the airline in style – its best six months financial performance in over a decade.

While Flight Centre battles to get its Australian leisure travel business back on track and lift profit, one of its major clients – Virgin Australia is doing well, and now expecting a sharp improvement in earnings.

Believe it or more but after reporting its sixth consecutive full-year after-tax loss, Virgin Australia reckons it will be profitable this financial year.

If corporate regulators in New Zealand and Switzerland can, why can’t Australia’s ASIC, ASX and Foreign Investment Review Board (FIRB) follow suit and question who exactly owns high profile Chinese conglomerate HNA Group which is said to control a 19% stake in Virgin Australia Airlines?

Put this one in the ‘who cares?’ basket.

The signs of improvements in the finances and the operational returns for Virgin Australia since at the December half way mark continued into the June 30 half resulting in a much better outcome for the airline.

Another red ink – laced update from Virgin Australia yesterday overshadowed a possibly more important bit of news for the company’s future – Middle East airline, Etihad has decided to fully support a capital raising, and therefore the airline’s dramatic plans to revamp itself. Virgin shares were unchanged at 21.5 cents yesterday.

More red ink than passengers? Virgin Australia (VAH) yesterday confirmed that it will report a massive loss for the year to June 30 thanks to its current restructuring program which will cost as much as $450 million.

Virgin Australia has unveiled a $850 million capital raising alongside an new cost cutting program as part of a major corporate restructure.

For a company that is increasingly irrelevant to investors, Virgin Australia certainly generates a lot of news.

The Virgin Australia share register is becoming pretty crowded after the airline revealed yesterday that it was selling a stake to China’s largest private airline operator.

Shares in Virgin Australia (VAH) rose in yesterday’s wider sell-off after Moody’s put its credit rating has been placed on review for a possible downgrade.

A bailout for Virgin Australia (VAH)?

The boost to airlines from lower fuel prices (as we have already seen with Qantas (QAN) and most major offshore airlines), showed up in the trading update from Virgin Australia (VAH) yesterday which revealed a vastly improved performance.

Virgin Australia (VAH) shares rose 1% to 46.5 cents yesterday after it was give interim approval from the ACCC to extend its alliance with Delta Air Lines on Australia-US air routes for a further five years.

Virgin (VAH) is going to lose money for the December half, and almost certainly for 2013-14. It will therefore join Qantas (QAN) in revealing a surge in red ink across its accounts.

Virgin Australia (VAH) has moved closer to being privatised by some of its major shareholders after announcing a surprise $350 million capital raising which is equal to a third of its market value.

Virgin Australia (VAH) yesterday presented investors with the bill for its aggressive expansion plan and marketing blitz and it wasn’t pretty – a loss for the year to June 30 of possibly $110 million against a profit for 2011-12 of $23 million.