The economic impact of Covid-19

[Xela]

1 minute ago, Genie said:

I imagine the Zoo part of the operation has been sucking up all the cash whilst they’ve been closed.

I think that fatal incident a couple of years back has had an impact as well. 

Leisure/Tourism/Travel industries are going to take an absolute hammering due to this pandemic. We've not even begun to see the worst of it. 

[Genie]

Just now, Xela said:

I think that fatal incident a couple of years back has had an impact as well. 

Leisure/Tourism/Travel industries are going to take an absolute hammering due to this pandemic. We've not even begun to see the worst of it. 

Ah yes, I forgot about that. The girl on the school trip who fell out of the raft on the rapids and drowned.

[Demitri_C]

Ah great virgin Atlantic on verge of going bust

[Seat68]

1 hour ago, Demitri_C said:

Ah great virgin Atlantic on verge of going bust

They aren’t. They are protecting themselves as a foreign company in the US. 

[Demitri_C]

1 minute ago, Seat68 said:

They aren’t. They are protecting themselves as a foreign company in the US. 

Hows that work then?

[HanoiVillan]

15 minutes ago, Demitri_C said:

Hows that work then?

Useful:

Richard Branson's Virgin Atlantic is seeking Chapter 15 bankruptcy protection in the US while it scrambles to finalize a rescue plan

'Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday, part of a process to protect its assets from US creditors as it scrambles to finalize a rescue plan with the aid of the UK court system.

[...]

Chapter 15 is a form of bankruptcy designed for cases involving multiple countries, providing a mechanism for foreign-based companies undergoing bankruptcy proceedings in their own country to access the US court system. It effectively protects Virgin's US assets from creditors as the airline works to finalize a private rescue plan, which is being aided by the UK court system.

Virgin Atlantic announced a £1.2 billion ($1.57 billion) private rescue package in July but had not finalized the agreement. The airline had also appealed unsuccessfully for a bailout from the British government. Richard Branson, the Virgin Group founder, has offered his private island as collateral for a bailout or loan.

The airline said during a court hearing in London on Tuesday that it would effectively run out of cash in September, Bloomberg reported. Tuesday's US filing appeared to be linked to the London hearing, at which a judge gave the go-ahead for a meeting allowing creditors to vote on the restructuring plan.

Virgin has not entered administration, a form of bankruptcy in the UK.

"One of the most important goals of Chapter 15 is to promote cooperation and communication between US courts and parties of interest with foreign courts and parties of interest in cross-border cases," the US court system says on a website explaining the setup.'

more on link: https://www.businessinsider.com/virgin-atlantic-bankruptcy-coronavirus-pandemic-2020-8?r=US&IR=T

[Demitri_C]

19 minutes ago, HanoiVillan said:

Useful:

Richard Branson's Virgin Atlantic is seeking Chapter 15 bankruptcy protection in the US while it scrambles to finalize a rescue plan

'Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday, part of a process to protect its assets from US creditors as it scrambles to finalize a rescue plan with the aid of the UK court system.

[...]

Chapter 15 is a form of bankruptcy designed for cases involving multiple countries, providing a mechanism for foreign-based companies undergoing bankruptcy proceedings in their own country to access the US court system. It effectively protects Virgin's US assets from creditors as the airline works to finalize a private rescue plan, which is being aided by the UK court system.

Virgin Atlantic announced a £1.2 billion ($1.57 billion) private rescue package in July but had not finalized the agreement. The airline had also appealed unsuccessfully for a bailout from the British government. Richard Branson, the Virgin Group founder, has offered his private island as collateral for a bailout or loan.

The airline said during a court hearing in London on Tuesday that it would effectively run out of cash in September, Bloomberg reported. Tuesday's US filing appeared to be linked to the London hearing, at which a judge gave the go-ahead for a meeting allowing creditors to vote on the restructuring plan.

Virgin has not entered administration, a form of bankruptcy in the UK.

"One of the most important goals of Chapter 15 is to promote cooperation and communication between US courts and parties of interest with foreign courts and parties of interest in cross-border cases," the US court system says on a website explaining the setup.'

more on link: https://www.businessinsider.com/virgin-atlantic-bankruptcy-coronavirus-pandemic-2020-8?r=US&IR=T

Thanks. So what would that mean to those who have flights booked with them beyond September? They lost their money?

[HanoiVillan]

12 minutes ago, Demitri_C said:

Thanks. So what would that mean to those who have flights booked with them beyond September? They lost their money?

I think that depends whether they are able to secure an agreement on that private rescue package, and hence keep operating. Not much certainty in that case.

[Genie]

2 minutes ago, HanoiVillan said:

I think that depends whether they are able to secure an agreement on that private rescue package, and hence keep operating. Not much certainty in that case.

People that took a voucher instead of a refund for a previously cancelled flight could be about to lose a lot of money

[Demitri_C]

1 minute ago, HanoiVillan said:

I think that depends whether they are able to secure an agreement on that private rescue package, and hence keep operating. Not much certainty in that case.

Yeah thats what i think too. Can see alot of people  losing their money on worthless vouchers and flights that wont go ahead. Ill lose a grand as was meant to be going vegas for my honeymoon. 

My fault for not paying by credit card although nlt sure if you would have bene protected wven with a credit card. 

[StefanAVFC]

BREAKINGArsenal announce proposed redundancies

Arsenal

Arsenal are proposing 55 redundancies at the club because of the financial impact of the coronavirus pandemic.

In a joint statement, Gunners head of football Raul Sanllehi and managing director Vinai Venkatesham, said: "Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can. Unfortunately, we have now come to the point where we are proposing 55 redundancies.

"We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We are now entering the required 30-day consultation period on these proposals.

"We know this is upsetting and difficult for our dedicated staff and our focus is on managing this as sensitively as possible.

"These proposed changes are ultimately about ensuring we take this great football club forward, creating the right organisation for a post-Covid world, and ensuring we have the resources to return to competing effectively at the top of the game here and in Europe."

https://www.bbc.com/sport/live/football/53659183

They can afford 100k a week on multiple players but not for the non-playing staff? 

[Genie]

13 minutes ago, StefanAVFC said:

BREAKINGArsenal announce proposed redundancies

Arsenal

Arsenal are proposing 55 redundancies at the club because of the financial impact of the coronavirus pandemic.

In a joint statement, Gunners head of football Raul Sanllehi and managing director Vinai Venkatesham, said: "Our aim has been to protect the jobs and base salaries of our people for as long as we possibly can. Unfortunately, we have now come to the point where we are proposing 55 redundancies.

"We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We are now entering the required 30-day consultation period on these proposals.

"We know this is upsetting and difficult for our dedicated staff and our focus is on managing this as sensitively as possible.

"These proposed changes are ultimately about ensuring we take this great football club forward, creating the right organisation for a post-Covid world, and ensuring we have the resources to return to competing effectively at the top of the game here and in Europe."

https://www.bbc.com/sport/live/football/53659183

They can afford 100k a week on multiple players but not for the non-playing staff? 

I’ll be amazed if they do not reverse this, a club can’t be seen to pay some players a million pounds a month, but then send non playing staff towards financial armageddon by making them redundant. 
I expect they’ll get an absolute barrage of abuse for this on social media, and for once, I’d agree.

[Genie]

1 hour ago, Demitri_C said:

Yeah thats what i think too. Can see alot of people  losing their money on worthless vouchers and flights that wont go ahead. Ill lose a grand as was meant to be going vegas for my honeymoon. 

My fault for not paying by credit card although nlt sure if you would have bene protected wven with a credit card. 

Did you book a package holiday, if so it will be protected by ATOL and get a refund.

If you’d paid on a credit card it would 100% be covered if it didn’t go ahead for whatever reason.

[Genie]

9 minutes ago, Genie said:

I’ll be amazed if they do not reverse this, a club can’t be seen to pay some players a million pounds a month, but then send non playing staff towards financial armageddon by making them redundant. 
I expect they’ll get an absolute barrage of abuse for this on social media, and for once, I’d agree.

Also, how are they going to manage the PR if they sign a £50m player or 2 this summer?

I appreciate that clubs probably have a few people kicking around in the offices now that they can live without, but with the ludicrous amounts of money in the game and the billionaire owners they are taking the absolute piss making normal people redundant.

[Wainy316]

I bet they'd bloody love to be able to make Ozil redundant.

[Demitri_C]

21 minutes ago, Genie said:

Did you book a package holiday, if so it will be protected by ATOL and get a refund.

If you’d paid on a credit card it would 100% be covered if it didn’t go ahead for whatever reason.

No flights only unfortunately. My pops has a time share hence why we didnt do it as a package 

[Genie]

Just now, Demitri_C said:

No flights only unfortunately. My pops has a time share hence why we didnt do it as a package 

Virgin did a statement reassuring customers flights are going ahead as planned and it’s just part of the process. 

[Demitri_C]

Just now, Genie said:

Virgin did a statement reassuring customers flights are going ahead as planned and it’s just part of the process. 

Ah ok thanks. But I doubt my flights will even go ahead as no flights from the uk going to the states at the mo. Cant see that changing any time soon

[HanoiVillan]

1 hour ago, Genie said:

I’ll be amazed if they do not reverse this, a club can’t be seen to pay some players a million pounds a month, but then send non playing staff towards financial armageddon by making them redundant. 
I expect they’ll get an absolute barrage of abuse for this on social media, and for once, I’d agree.

Well, if any club should be equipped to handle a barrage . . .

[wazzap24]

We could recover from this pretty easily, if everybody remembered that money isn’t real.

Money, debt and monetary policy are entirely man made concepts that could be changed in any way. We could completely reinvent/reboot the whole system and start again if we wanted to.