Virgin Australia creditors have voted to approve the proposed sale to Bain Capital at a virtual meeting. Under the Deeds of Company Arrangement (DOCA) recommended by Virgin’s administrators, Virgin employees and secured creditors will receive 100% of their owed entitlements. Unsecured bondholders, meanwhile, will only receive approximately 9-13 cents per dollar owed. But the administrator … Continued
Most businesses have faced significant issues due to COVID-19, particularly in the travel industry. With borders closed, many airlines have had to cancel flights and many tour operators have had to temporarily shut down. Millions of cruises, car rentals and hotel bookings have also been cancelled as would-be travellers have been stuck at home. But … Continued
United Airlines made a surprise announcement last weekend that it would permanently remove change fees on domestic airfares. Within days, almost every other major U.S. airline has followed suit in a fundamental change to the revenue models of American airlines. United and most other U.S. airlines have been waiving change fees since COVID-19 began to … Continued
It wasn’t long ago that the Boeing 747 was a mainstay of commercial airlines, easily spotted at most major international airports around the world. Fast forward to September 2020, and the Boeing 747 is operating just a small handful of scheduled passenger flights for only four airlines. Boeing 747s will fly on only 17 worldwide routes … Continued
The final meeting of Virgin Australia creditors is all set to take place on 4 September after Virgin Australia’s administrators handed down their report to creditors this week. The airline’s future will be voted on at a virtual Microsoft Teams meeting scheduled for 10am (AEST) on Friday, 4 September 2020. If the sale to Bain Capital … Continued