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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Virgin Australia Holdings Limited    VAH   AU000000VAH4

VIRGIN AUSTRALIA HOLDINGS LIMITED

(VAH)
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Virgin Australia : union suspends talks, seeking clarity over CEO's future

10/14/2020 | 01:10am EST
FILE PHOTO: FILE PHOTO: A rainbow from a passing rain shower sits over Virgin Australia aircraft at Sydney's Airport in Australia

SYDNEY (Reuters) - A major employee union said on Wednesday it had suspended bargaining talks with Virgin Australia Holdings Ltd, pending clarification from new owner Bain Capital about the status of Chief Executive Paul Scurrah.

Local media reports said Scurrah had clashed with Bain about the strategy for Australia's second-biggest airline and was trying to steer it away from becoming a budget carrier.

Scurrah said on Wednesday he was not in the habit of commenting on speculation when asked about rumours he would be replaced, according to The Australian Financial Review.

A Virgin spokesman said the airline was not in a position to comment. Bain did not respond immediately to a request for comment.

Transport Workers' Union national secretary Michael Kaine said in a statement that the lack of clarity over Scurrah's position was a "serious and worrying development."

Creditors last month voted in favour of the U.S. private equity group's purchase of Virgin, a move that will allow it to exit voluntary administration.

Virgin entered administration in April owing A$7 billion ($5.02 billion) to creditors after suffering from a sharp plunge in demand because of the coronavirus pandemic.

Before the pandemic, Virgin had spent a decade transforming itself from a low-cost carrier to a full-service rival to Qantas competing for corporate travellers. But that came at the cost of years of losses.

Under Bain's business plan, Virgin plans to cut a third of its workforce as part of an overhaul that will focus on being a domestic and short-haul international Boeing Co 737 operator.

Scurrah had indicated the airline planned to position itself as a more value-focused option than Qantas but to retain a premium offering to Qantas' budget offshoot Jetstar.

($1 = 1.3941 Australian dollars)

(Reporting by Jamie Freed. Editing by Gerry Doyle)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
THE BOEING COMPANY -0.51% 216.5 Delayed Quote.-33.20%
VIRGIN AUSTRALIA HOLDINGS LIMITED 6.17% 0.086 End-of-day quote.-42.67%
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Financials
Sales 2020 4 472 M 3 303 M 3 303 M
Net income 2020 -533 M -394 M -394 M
Net Debt 2020 3 662 M 2 705 M 2 705 M
P/E ratio 2020 -1,37x
Yield 2020 -
Capitalization 726 M 537 M 536 M
EV / Sales 2020 0,98x
Capi. / Sales 2021 0,23x
Nbr of Employees 10 620
Free-Float -
Chart VIRGIN AUSTRALIA HOLDINGS LIMITED
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Virgin Australia Holdings Limited Technical Analysis Chart | VAH | AU000000VAH4 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 0,07 AUD
Last Close Price 0,09 AUD
Spread / Highest target -18,6%
Spread / Average Target -18,6%
Spread / Lowest Target -18,6%
EPS Revisions
Managers
NameTitle
Paul Darren Scurrah CEO, Executive Director & Managing Director
Stuart Aggs Chief Operating Officer
Keith Neate Chief Financial Officer
Warwick Martin Negus Non-Executive Director
Alan Hunt Director