Aviation

Virgin’s keys officially handed over to Bain, as Scurrah opens up about exit

Bain Capital has officially taken ownership of Virgin Australia, following the transfer of the airline’s shares to the private equity firm.

In its last announcement on the Australian Securities Exchange, Virgin Australia Holdings (VAH) advised this morning that all of the company’s shares had been transferred to Bain Capital or its nominee in accordance with Federal Court orders and the deed of company arrangement (DOCA).

“VAH is expected to be delisted today from the ASX by or at close of trading, being 4pm (Sydney time) and, as such, there will be no further market announcement made by VAH,” the company said.

“Effectuation of the VAH DOCA is scheduled to occur today, 17 November 2020.”

The transition of ownership sees former Jetstar CEO and Bain executive Jayne Hrdlicka take over from Paul Scurrah as Virgin’s CEO and managing director.

In his only apparent interview since announcing his resignation from the airline last month, Scurrah told the Curveball podcast that he had no hard feelings toward Bain about making way for Hrdlicka to lead Virgin post-administration.

“We mutually came to the agreement that I would leave,” he said.

“Jayne is the right person to take on and deliver their plan and to deliver to the expectations I have as an investor.

“And quite often, you see private equity will go to people they know and people who they feel as a safe set of hands and aligned to their outcomes. And that is the reason why they have appointed Jayne.”

Scurrah said he would continue “cheering from the sidelines” for Virgin and would remain as an adviser to the company until the end of January.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Aviation

Steaks on a plane: TikTok prankster appears to cook steak on aircraft toilet

How does one cook a steak using an airline toilet? Well, you’re just going to have to click on the article and find out, aren’t you?

Share

CommentComments

Aviation

Joyce “optimistic” about recovery as Qantas renews trade partnerships

The national carrier revealed it has signed off on new multi-year agreements with 10 of the top 12 agencies, so if your boss was raging this morning, assume you work for one of the two that missed out.

Share

CommentComments

Tourism

Australia responds to the UK’s emergency approval of Pfizer vaccine

While the UK might be getting the jab as early as next week, the Australian government is holding fast to its original roll-out schedule.

Share

CommentComments

Destinations

Thailand to stay closed until at least March next year

The country’s Tourism Minister has thrown aside any hope for a comeback during the 2020-2021 peak season. Not that Aussie travellers are under the illusion of travelling overseas during the summer anyway.

Share

CommentComments

Hotels

IHG opens two Sydney hotels in one day

The hotel giant’s regional VP of development has been run off his feet lately by all the property openings, so much so that the soles of his shoes are now in need of repair.

Share

CommentComments

Aviation

Virgin launches 12-hour school holiday sales blitz with more than 60,000 cheap fares

The airline has been on an absolute tear since coming out of administration, having increased its flights, gifted free thongs and now offering heaps of cheap fares.

Share

CommentComments

Cruise

Royal Caribbean Group extends local cruise pause yet again

We haven’t been counting, but we’re pretty sure this is the 1,543,044th time we have reported on an extension of the cruise pause.

Share

CommentComments

Travel Agents

South Australia’s COVID-19 scare scores TravelManagers agent client referrals

South Australia’s recent COVID scare was deja vu for many agents. And, for TravelManagers’ Emma Ross, her hard work has paid off in spades.

Share

CommentComments

Technology

Luxury Escapes rejoins AFTA

It appears a trend of online travel companies joining the federation is beginning to emerge.

Share

CommentComments

Wholesalers

Wendy Wu launches first-ever tours in Australia and New Zealand

Australia’s China experts are trying their hand at domestic and close-to-home trips with this new collection that promises to showcase local icons.

Share

CommentComments

Destinations

Dream of 2021: The wonders of Peru’s Pacaya-Samiria National Reserve await

by Sponsored by Promperu

The year that was may have been one to forget. But, when the time comes, the wonders of South America will be awaiting the arrival of international travellers.

Share

CommentComments

Road & Rail

Is Ola about to say adiós to Australia?

Ola’s local boss has left, and it has closed its driver centres “until further notice”. No wonder there’s speculation around the ridesharing company’s future Down Under.

Share

CommentComments