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#961614 by flyingfox
07 Aug 2021, 12:26
Sky News reporting VS planning to go public on London’s Stock Exchange

Sir Richard Branson's Virgin Atlantic Airways is plotting a surprise flotation on the London Stock Exchange as it pins its hopes on a rapid rebound in transatlantic travel.


this link here
#961615 by amberwest94
07 Aug 2021, 13:19
As a crew member for VS, I can tell you things have went from amazing to beyond awful for us with regards to layovers, pay and how we are treated by the company. We are all truly exhausted and the saddest thing is, the company are going to have to externally recruit for new CC in the coming months as most holding pool crew don't want to come back- resignations are at 30% of the workforce in the last 6 months.

This really is the final blow for a lot of us now, its been very obvious Richard and the original 'Virgin' family have had no input throughout the pandemic - there has been whispers of this for months. After so many years devoting my career here, its awful to see us become 'just another airline'
Devastated to see a once shining star amongst aviation fade so rapidly.
#961970 by flyingfox
14 Sep 2021, 20:20
An update to this story, it seems SRB is still negotiating, dotting the i’s and crossing the t’s with lenders and other interested parties;

Sir Richard Branson is scrambling to convince lenders to support his make-or-break flotation of Virgin Atlantic as he bids to rescue the cash-strapped airline.

The billionaire is fighting to convince a complex network of banks, bond­holders and aircraft-leasing ­companies to back a listing on the London Stock Exchange that would allow the business which he founded four ­decades ago to raise funds from the British public.

Advisers from boutique investment bank Houlihan Lokey are assisting the airline in talks. They are aiming to convince all lenders to back the proposals.

If this fails, Virgin could be forced to use a so-called scheme of arrangement, a court-led process that would allow it to overrule the objections of up to 25pc of creditors.

City sources said such a strategy had been raised during discussions.

However, the plan is not currently being considered and talks are being conducted on a bilateral basis with each group of creditors.

Sir Richard’s plan is understood to have been given an early boost after a group of bondholders that have a mortgage over Virgin Atlantic’s take-off and landing slots at Heathrow airport gave it the green light.

Virgin Atlantic, which is helmed by chief executive Shai Weiss, avoided ­collapse a year ago by agreeing a £1.2bn rescue deal with creditors. The 2020 deal included an assumption that transatlantic travel would return in a meaningful way by the start of 2021.

But the Biden administration is continuing to drag its heels on allowing Britons to travel to America – despite the UK now welcoming visitors from the US.

Industry sources said that Washington is not expected to reopen the borders until the end of November at the earliest.

The extended US ban on British ­arrivals means that Virgin Atlantic is once again facing the spectre of cash reserves running below the minimum levels required under its banking terms. The London float is understood to be conditional on routes to North America being open in both directions.

Virgin Atlantic sold two of its airlines earlier this year to raise £160m, and a cargo arm has brought in much-needed profits during the pandemic. However, City sources said that the float would be key in bolstering the airline’s reserves until transatlantic services return in earnest.

Sources close to the airline insisted that plans to list on the London Stock Exchange were well-received by institutional investors over the summer.

The carrier is working with bankers from Citi and Barclays to drum up ­interest. They added that the airline has limited its cash burn and was close to breaking even in two months during the summer.

Consent from lenders for a float is typically a formality but City sources said that some creditors are nervous about Sir Richard’s Virgin Group selling down its majority stake as part of going public.

They fear that if he the billionaire is left with less than half of the company, he will be less likely to step in and keep it afloat if needed. Sources cited the example of Virgin Australia, which the entrepreneur held a minority stake in when it collapsed last year.

Virgin Atlantic declined to comment.


link here
#961972 by VS075
15 Sep 2021, 12:20
flyingfox wrote:An update to this story, it seems SRB is still negotiating, dotting the i’s and crossing the t’s with lenders and other interested parties;

Sir Richard Branson is scrambling to convince lenders to support his make-or-break flotation of Virgin Atlantic as he bids to rescue the cash-strapped airline.

The billionaire is fighting to convince a complex network of banks, bond­holders and aircraft-leasing ­companies to back a listing on the London Stock Exchange that would allow the business which he founded four ­decades ago to raise funds from the British public.

Advisers from boutique investment bank Houlihan Lokey are assisting the airline in talks. They are aiming to convince all lenders to back the proposals.

If this fails, Virgin could be forced to use a so-called scheme of arrangement, a court-led process that would allow it to overrule the objections of up to 25pc of creditors.

City sources said such a strategy had been raised during discussions.

However, the plan is not currently being considered and talks are being conducted on a bilateral basis with each group of creditors.

Sir Richard’s plan is understood to have been given an early boost after a group of bondholders that have a mortgage over Virgin Atlantic’s take-off and landing slots at Heathrow airport gave it the green light.

Virgin Atlantic, which is helmed by chief executive Shai Weiss, avoided ­collapse a year ago by agreeing a £1.2bn rescue deal with creditors. The 2020 deal included an assumption that transatlantic travel would return in a meaningful way by the start of 2021.

But the Biden administration is continuing to drag its heels on allowing Britons to travel to America – despite the UK now welcoming visitors from the US.

Industry sources said that Washington is not expected to reopen the borders until the end of November at the earliest.

The extended US ban on British ­arrivals means that Virgin Atlantic is once again facing the spectre of cash reserves running below the minimum levels required under its banking terms. The London float is understood to be conditional on routes to North America being open in both directions.

Virgin Atlantic sold two of its airlines earlier this year to raise £160m, and a cargo arm has brought in much-needed profits during the pandemic. However, City sources said that the float would be key in bolstering the airline’s reserves until transatlantic services return in earnest.

Sources close to the airline insisted that plans to list on the London Stock Exchange were well-received by institutional investors over the summer.

The carrier is working with bankers from Citi and Barclays to drum up ­interest. They added that the airline has limited its cash burn and was close to breaking even in two months during the summer.

Consent from lenders for a float is typically a formality but City sources said that some creditors are nervous about Sir Richard’s Virgin Group selling down its majority stake as part of going public.

They fear that if he the billionaire is left with less than half of the company, he will be less likely to step in and keep it afloat if needed. Sources cited the example of Virgin Australia, which the entrepreneur held a minority stake in when it collapsed last year.

Virgin Atlantic declined to comment.


link here


It confirms my suspicion that last year's deal had assumed US borders would have reopened by now and kind of vindicates the recent moves to diversify operations to new/old non-US destinations.
#962288 by flyingfox
09 Oct 2021, 13:49
Looks like VS is still moving ahead with plans to go public;

Virgin Atlantic hunts new chairman as London listing plan takes flight
The transatlantic carrier is working with headhunters at Korn Ferry on a search for new directors as it prepares to float for the first time since it launched in 1984, Sky News learns Virgin Atlantic Airways has launched a search to replace its veteran chairman as it finalises plans for a stock market debut galvanised by the imminent resumption of its most profitable route.

Sky News has learnt that Sir Richard Branson's flagship company is working with advisers from the headhunting firm Korn Ferry to identify a slate of independent directors, including one who can take over from Peter Norris.

Mr Norris, a long-standing colleague of Sir Richard, has chaired Virgin Group since 2009 and Virgin Atlantic for nearly a decade. Virgin Atlantic is said to be preparing to find an independent chairman as part of efforts to ensure that a robust corporate governance framework is in place if it does pursue an initial public offering (IPO) in London.

Sky News revealed in August that City investors were being consulted on the surprise flotation, which will come within two years of Virgin Atlantic being forced to put insolvency practitioners on standby as the pandemic decimated its finances.

The lifting of the US ban on European visitors, which is expected to take place next month, has revived booking volumes for Virgin Atlantic and other transatlantic carriers.

Earlier this year, Virgin Atlantic landed a fresh £160m capital injection, with an IPO expected to raise hundreds of millions of pounds of new capital for the airline An IPO, which is now being earmarked for next spring, would mark the first time since Virgin Atlantic's launch in 1984 that it has sold shares to the public - and would almost certainly see Sir Richard relinquish overall control of the business.

Virgin Atlantic is majority-owned by Sir Richard's Virgin Group, which holds a 51% stake.

Delta Air Lines owns the remaining 49%, with the company having scrapped a deal in late 2019 that would have seen Air France-KLM acquiring a 31% shareholding from Sir Richard Last September, it assembled a £1.2bn rescue package which included a £200m injection from its founder, a loan from the American hedge fund Davidson Kempner Capital Management, and substantial contributions from existing creditors.

A Virgin Atlantic spokeswoman declined to comment.


Sky News article here
Virgin Atlantic

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