VIRGIN RAVISHED

VIRGIN RAVISHED

Richard Branson is pictured in hot water in my heading shot.
Above is a shot of the Branson’s private Necker Island, which has been
offered as collateral to shore up the stalling airline.

Virgin Australia: What happens next?

By Natalie McDonald

Virgin Australia has entered voluntary administration, casting concern for its 16,000 strong workforce. The airline confirms it will continue to operate all scheduled international and domestic flights. The Deloitte appointed Administrator has plans to re-finance the business and “bring it out of administration as soon as possible”. The airline has frozen all Velocity frequent flyer accounts for at least four weeks. The Federal Government resisted calls to bail out Australia’s second largest carrier, which has been weighed down by a crushing $5 billion debt load and a cash shortage exacerbated by the coronavirus travel shutdown.

This monkey wonders why the founder of the airline, Richard Branson, has only 10% of the shares? The remainder are owned by Etihad Airlines, the Chinese HNA and Hanshan Group. Considering the $5 billion dollar debt burden, this monkey is not surprised that Scott Morrison and his ministers are not falling over themselves to bail the outfit out. Apparently they pay no company tax in Australia, (although their staff are presumably Australian tax payers).

Richard Branson says that he and his wife Joan, “did not leave England for tax reasons” , but for the love of Necker Island, an island in the British Virgin Island group, which the Bransons own. They have offered it a collateral to support more loans to keep Virgin Airlines afloat. (Presumably Necker island is not sinking – in spite of the “Climate Change Hoax” – but the Airline seems to be only just airborne.)

Gibber! Gibber!

Chugley

The Velocity Chimp

Branson may be running out of Champers!

P.S. One of Richard Branson’s first businesses was ‘Virgin Records’.

4 thoughts on “VIRGIN RAVISHED”

  1. Dear Chugley. Poor Virgin. The Gov’t. said ‘No’ to a bail out, and I say “ear, ear” or something. There is a story in ‘the good book’ about Virgins. And it seems to this poor mandrill, that the Virgin Airline was not paying attention to what has been going on over the past many years, and with a $5 billion debt, they seem to have been not keeping their eye on the ball. So when the ‘Covid’ came, they were not ready. Pays to be ready, for “we know not the hour or the day when He will come”. As lots of small boys learned; ‘Be Prepared’. Worth thinking about.

  2. By today’s Telegraph, the airline business is all in hot water debt-wise. How will it be when we have to do without big airlines, I wonder.

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