Business
US private equity firm Bain Capital won’t formally assume control of Virgin Australia until November. But its coup last week against chief executive Paul Scurrah signals the start of a classic private equity smash-and-grab operation, writes Mark Melatos.
Business
Virgin will sack about 3000 staff in a bid save the jobs of another 6000 as it seeks to rebuild business under Bain Capital.
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Virgin Australia chief executive Paul Scurrah has called for “rivalry” to be put aside and for the Federal Government and the community to step in and back Virgin in the national interest.
Virgin Australia has warned the nation cannot afford to emerge from the coronavirus pandemic with a monopoly airline as it attempts to raise $1.4 billion and calls on the Federal Government to back its future.
More than 16,000 people were stood down today as Virgin Australia cut almost all flights and Star Entertainment shuttered its gambling operations at casinos in Brisbane, the Gold Coast and Sydney.
