Bain Capital takes Control of Virgin Australia

kookaburra75

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From memory, the old Ansett Aviation Spare Parts business is out there somewhere. They could pick that up for a bit more support for using 'Ansett' :)
My memory hasn't failed me, Ansett Aircraft Spares & Services are still going strong.

Perhaps they just need the training infrastructure.
Given how big the Ansett Training set up is, they will be getting quite a lot for their money. Especially when the need for sim time to bring pilots back on line hits.
 
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Not that it would make a difference, but that Ansett Aircraft Spares (and) Services is now an American based business, no?
And they still hold title of the Ansett website, with a .com, so its worth quite a tidy sum, even if Bain don't use it, but they would have linkage to the name.
So all the funds/assets/debts linked to it are in USD.
Edit:
We did have websites in the late 1990s, no?
If I remember correctly, Ansett did have its own website, as an airline before it went.
 
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Carrots

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@jb747 do you know what the Ansett Aviation Training involvement with the QF simulators is?

Am I joining the dots correctly to say they manage some of QFs sims for them (ie the 380 sim)?
 

jb747

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@jb747 do you know what the Ansett Aviation Training involvement with the QF simulators is?

Am I joining the dots correctly to say they manage some of QFs sims for them (ie the 380 sim)?
I don't think they have any involvement, other than housing it. I was surprised that it ended up in Melbourne, but the loss of the training building in Sydney has meant that all of the sims were without homes.
 

ozstamps

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If I remember correctly, Ansett did have its own website, as an airline before it went.


Most certainly did.

Indeed it STILL has an active website.


Money in coffers as of 3 weeks back about $1.5 million as can be seen.

All the staff and vendors who got stiffed will be delighted to note that I am sure.

Korda Metha and legal buddies etc, must have bled the corpse dry for $100 million I'd guess in fees over 20 years. 🤬
 

RAM

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Most certainly did.

Indeed it STILL has an active website.


Money in coffers as of 3 weeks back about $1.5 million as can be seen.

All the staff and vendors who got stiffed will be delighted to note that I am sure.

Korda Metha and legal buddies etc, must have bled the corpse dry for $100 million I'd guess in fees over 20 years. 🤬
Optimist!

Given the normal rates charged by administrators I'd have thought that figure went by in the first 8 or 9 years.
 

jase05

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Can anyone provide us with the detail behind this paywall?

Bain Capital is targeting 2023 for an initial public offering of its airline Virgin Australia, say sources.
The hope of the private equity firm is that this time frame would enable volatility from Omicron to have played out, they say.
By 2023, the anticipation is that prospective investors in any float would have a clearer perspective on the earning horizon for the group, with more normal passenger demand returning and it being in a better position to forecast earnings.
...
Suggestions are that the Boston-based buyout fund will stage a partial exit from the business to get some money back through the door, likely retaining between 50 and 60 per cent of the business.
...
 
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dajop

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As for losing money, you win some you lose some 🤣

All depends on how long you hold it. Airlines seems to be good at losing shareholder value and money in the medium to long term, but if you get your timing right you can make some money. Probably best amount of time to hold is measured in weeks not years .... 🤣
 

Saab34

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They seem eager to offload. Don’t have the patience for say 3-4 years to get it stable and positive trajectory in the underlying earnings?

Most businesses going through a turnaround to transformation is 3 years then 5 odd years for the transformation part. Virgin is still a looooong way off anything stable.

Be the back half of this decade for any stability in the earnings.
 

ozstamps

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Not many enjoy losing money. Wouldn't touch it with a barge pole.

Good luck, but you need more than that.


Agree.


Anyone with that much alleged spare money should donate it to Charity - AND you get a tax deduction!

At least someone needy benefits. You kiss the money goodbye both ways.
 

RAM

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Who's going to take a punt and buy VA3 (? lost track now of versions!) shares.... second time lucky?
Given how PE is thanking their lucky stars for NOT getting Q with their bid a few years back - AJ proceeded to follow the same playbook.

IIRC he was going to be part of the PE management team.

Since then, he's stripped the company of all valuable assets, sold off all possible sub-units and then entered into a service agreement - all to follow the PE playbook of paying out dividends to leave a higly indebted company. Prior to the 26 June 2020 capital raising - Q had NEGATIVE tangible assets - something that Q never revealed in the capital raising nor subsequently in its Annual Report. Quietly revealed, and no analyst seemed to notice it, in the required ASX filings in August 2020 -

Even worse when you consider that Q, unlike VA I, had not ring-fenced the cash generated by QFF un-redeemed points. Q has always had it defined close to the front of the T&As for QFF points that they have no cash value. If the massive capital raising had failed, then unlike VA which had ringfenced the cash - except for one loan to VA for around 1/6th of it - QFF point holders would likely have got zero value for them in a relaunched Q.

Remember Q limited/stopped redemptions of QFF points before VA went into administration....

One of the rare times that VA's mgmt can take a deserved bow!
 

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