Soaring out of Administration – the Virgin Australia Restructure story
In March 2020, Virgin Australia Airlines was dramatically impacted by travel restrictions due to COVID-19. What was once a $6 billion turnover business experienced a 95% drop in domestic revenue almost overnight and an immediate shutdown of all international operations. Deloitte were appointed administrators on 20 April 2020, with the goal of making sure this airline survived.
Deloitte, along with its advisors, Houlihan Lokey and Clayton Utz, completed a substantial operational and financial restructure of the business during the administration. In parallel with an operational restructure, a rapid sale campaign resulted in the sale of the business to Bain. The sale was completed on 17 November 2020. With the transaction, Virgin successfully exited voluntary administration, being one of few companies of their size and scale to do so. Virgin was given a second life, and the chance to re-establish itself as an iconic Australian airline.
There were also a multitude of innovative legal applications and hearings to effect the restructure.
At this event, the administrators will tell the story of how Virgin was restructured, sold and successfully exited from administration in the midst of one of the most challenging operating environments ever.
Sal Algari, National Restructuring Leader, Deloitte
John Greig, Deputy Chairman, Deloitte Australia Board and Managing Partner, Deloitte Queensland
Richard Hughes, Partner, Financial Advisory, Deloitte
Jim McKnight, Managing Director, Houlihan Lokey’s Financial Restructuring Group
Timothy Sackar, National Practice Group Leader, Clayton Utz
Tues, 28 September 2021
Presentation 5.00pm – 6:30pm
Zoom online only
Complimentary for RITANZ Members
Chartered Accountants ANZ Members $40.00 plus GST
Law Society Members $40.00 plus GST
Standard $50.00 plus GST
Note that this event will be recorded and will be made available to all members on the RITANZ website within 48 hours after the event itself.
How to register:
Registration is required for this event please email RSVP to register your attendance.