U.S. private equity firm Bain Capital formally took control of Virgin Australia yesterday, as Paul Scurrah leaves the organisation to make way for incoming CEO Jayne Hrdlicka. With the sale of Virgin to Bain Capital completed, Virgin Australia has now officially ended its voluntary administration after almost seven months. Virgin Australia entered voluntary administration on … Continued
The equity value of Virgin Australia’s Velocity Frequent Flyer loyalty program has been slashed by two-thirds in just a year, according to an independent report commissioned by Virgin’s administrators and presented to the federal court. In the report, FTI Consulting valued Virgin’s loyalty business at between $640 million and $704 million. That’s compared to a … Continued
More than 300,000 Virgin Australia customers have now received Future Flight credits for cancelled flights. But many Virgin customers have complained they would have preferred a refund. This is especially the case for customers that had purchased expensive international business class tickets, and now have Future Flight credits worth thousands of dollars that can only … Continued
IN BRIEF | Following the demise of Tigerair, another of Virgin Australia’s businesses is being permanently shut down as the fallout from COVID-19 sadly continues. Virgin Australia Holidays will be closed from 31 October 2020, bringing an end to Virgin Australia’s Mystery Breaks, AFL Travel and Supercars Travel Packages. Launched in 2003 by then Virgin … Continued
Update: Virgin Australia Future Flight credits were previously valid for bookings made until 31 July 2022, for travel until 30 June 2023. However, their validity has since been extended. Future Flight Credits are now valid for bookings made until 31 December 2023, for travel until 31 December 2023. Virgin Australia has converted the “conditional credits” held … Continued