Aviation

Virgin Australia directors resign in droves

Huntley Mitchell

Huntley Mitchell

Virgin Australia’s administrators have announced that several of the company’s board members have departed, as its sale to Bain Capital nears completion.

Chair Elizabeth Bryan, along with directors Kenneth Dean, Trevor Bourne, Sir Allan Houston, Judith Swales and Marvin Tan all resigned last Monday.

And while formal resignation letters haven’t been tendered yet by Raymond Gammell, Hou Wei and Kevin Xing, all three now cease to hold office, with Virgin’s administrators exercising their powers to replace them on Friday.

The mass resignations follow that of CEO and managing director Paul Scurrah earlier this month.

The airline also recently confirmed to Travel Weekly that a number of senior execs had quietly exited the Virgin building since Bain Capital’s takeover deal was approved by creditors last month.

Virgin creditors and shareholders were also notified on Friday that the administrators had submitted a Federal Court application for the transfer of the company’s shares to Bain.

Those creditors and shareholders wishing to attend the final court hearing on 10 November in opposition of the share transfer will need to submit a notice of appearance by 4pm on 5 November.

However, an independent expert’s report that accompanied the circular notice concluded that the equity in Virgin has nil value.

The airline’s administrators expect to complete its sale to Bain by 30 November.


Featured image source: iStock/BeeBright



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