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[m1k3y1] 04/5/2020 16:57

962......possibly but a lot of the Virgin fleet is very old. It would only be for slots , if anything I suspect.

[loganair] 04/5/2020 16:35

General Electric is cutting as many as 13,000 jobs in its jet engine business after the coronavirus pandemic brought devastation to the aerospace industry.

GE Aviation on Monday announced plans to accelerate its cost-cutting by permanently reducing its global workforce by as much as 25% this year through a mix of layoffs and voluntary actions.

[962962] 04/5/2020 16:31

careful.You and others on this board may think i've lost the plot and been at the bottle to much,but your idea has merit.But it would not suprise me one bit if Virgin went into admin if BA made an offer.

[careful] 04/5/2020 16:23

Branson must be dreaming of pre pack administration deal.
Legalised corruption.

First they clean the company out of cash to weaken it.
Second it goes into administration.

The they re- purchase it minus the original shareholders and creditors.
All at a cut price.

This theft is justified on the pretence being that it preserves jobs.

[loganair] 04/5/2020 14:16

Rheanna Norris, Associate Analyst at GlobalData, comments: “There is a possibility that the Virgin brand could disappear from the global aviation industry altogether. Virgin Australia is in voluntary administration, the rebranding of UK airline Flybe to Virgin Connect was cancelled for obvious reasons, and now, Virgin Atlantic is asking for help.

“Rival British Airways consumes the majority of the market for full-service carriers in the UK and would be the most likely beneficiary of any change to Virgin Atlantic’s operating circumstances, this factor could lead to a rise in fares on transatlantic routes from the UK as the airline controls more of the supply.

“Major shareholder Delta has ruled out any further financial aid.

[silkstag] 04/5/2020 13:16

7 - 10 = -3 is the IAG equation in 12 months (net assets). IMHO DYOR

[spacedust] 04/5/2020 13:13

190p finish today then down tomorrow as well

[962962] 04/5/2020 13:05

1 + 1 =2 is baffling to you mony

[montyhedge] 04/5/2020 12:59

How is IAG still valued at 4 billion pounds is baffling.

[loganair] 04/5/2020 12:58

German news agency DPA reported last week that Lufthansa was mulling declaring insolvency instead of having the state intervene. The insolvency approach would see the company placed under the administration of a custodian and then allowed to restructure under the current management.

Der Spiegel reported that the German government is holding out for a stake of just over 25% in the group in exchange for financial aid, which would allow Berlin to block strategic decisions by Lufthansa management.

According to the cabin crew union Ufo, Lufthansa Chief Executive Carsten Spohr has said internally he would prefer to lead the company into this type of insolvency. In an interview with the newspaper Die Zeit, Spohr warned against having too much government influence in the company. Questions such as "if we fly to Osaka from Munich or from Zurich" should never be political, he said.

[waikenchan] 04/5/2020 12:56

Interesting to hear that fund manager Terry Smith doesn't like airlines because of they can't earn a decent ROIC over a relatively high cost of captial

There is a YouTube interview he gives on this aspect on airlines.

[loganair] 04/5/2020 12:48

As the coronavirus pandemic has halted almost all travel around the globe, Russian flag carrier Aeroflot said that in the best-case scenario its international flights could be resumed in July.

Russia halted international flights except for those bringing Russian citizens back home on 27 March.

[loganair] 04/5/2020 12:10

MoneyWeek - As for business travel – some of that demand is gone for good - not all.

[m1k3y1] 04/5/2020 12:04

logan....how do you inspect, via a video link, the quality of your products that is being made by a primark factory in india ?

[962962] 04/5/2020 12:03

m1k.Sorry,but I have to disagree.Are you working the payment out pro rata wise.ie taking service in the relevant age periods,if you are it's wrong.The payment is assessed at redundancy date ie if your over 41yrs you get 1.5weeks for Every Year.If you are 39 years old and started on the same date as the 41 year old ,you would only get 1 weeks pay per year.It's wrong I know,but I know many manny people who have been in that position.

[loganair] 04/5/2020 11:56

MoneyWeek - As for business travel – some of that demand is gone for good. It has to be. There just aren’t that many people who enjoy sitting in a hotel, then going to meetings, then coming back to the hotel and realising that, while Mumbai or Moscow or Milan might sound exotic and glamorous, you’re not doing anything you couldn’t do from a service station car park off the North Circular.

[m1k3y1] 04/5/2020 11:44

962....according to the GOV calculator the pay they would receive is £10,491
Your entitlement is 19.5 weeks, capped at £538 pw

0.5 week’s pay for each full year worked when you’re under 22
1 week’s pay for each full year worked when you’re between 22 and 41
1.5 week’s pay for each full year worked when you’re 41 or older

I used 1st July 2020 as the redundancy date

[962962] 04/5/2020 11:24

m1k.So are we agreeing that as an example,a cabin crew member who joined at 21yrs of age,and now has 20yrs service under His/Her belt,would get the full ammount.

[m1k3y1] 04/5/2020 11:13

962....the 61 years just comes from 20 years service , as of 41 years old.
For each full year you've worked for your employer, you get: age 18 to 22 - half a week's pay. age 22 to 40 - 1 week's pay.

It is capped at a max of 20years service.

Up to 2 years you get nothing .
Any part time employees, will receive a percentage of this calculation
I just used the UK GOV calculator.

[962962] 04/5/2020 10:59

m1k.Thanks for info.much appreciated.Just a query on you redundacy calculations.
Max redundancy as you say is £16140.That is based on 1.5wks pay,capped at £538/PW with max allowable 20yrs sevice,for anybody over 41 yrs of age.Under 41 years of age it's only one weeks pay so max would be £10760 with 20yrs service.I do stand to be corrected on these figs.Where does the 61 yrs of age come into it,or am i missing something.

[m1k3y1] 04/5/2020 10:11

962.....LGW numbers

Ground Staff 342 .......job losses 100%
LGW CSM's 352...........Job Losses 79%
LGW Cabin Crew 1529.....Job Losses 57%

Flight crew work out of both LGW and LHR
All fleets 4346.....projected loss 1130 23%

BUT ALL existing contracts to be extinguished and new contracts with new terms of employment to be issued.

Almost no one will receive the maximum statutory redundancy payment of £16140, as you have to be 61 years old (or older) and have been working for 20 years to receive it.

[volsung] 04/5/2020 10:11

Nobody on the bbs buys and forgets for 2 or 3 years

[careful] 04/5/2020 10:09

Had a contrarian punt here this morning.

Part of me thinks this virus panic will fizzle out.
IAG should at last be leaner and more efficient after the restructure.

Buy and forget for 2-3 years.