26 May 2020
Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes were appointed Joint and Several Administrators (Administrators) of Virgin on 20 April 2020, pursuant to the provisions of Section 436A of the Corporations Act 2001 (Act).
As the Administrators:
Whilst they assume responsibility for the business, Paul Scurrah and the Virgin management team will continue to be in charge of the operations of the business. Deloitte are working with management to support the review and roll out role of Virgin’s strategic plans to provide the platform for enhanced profitability and viability of Virgin when COVID-19 impacts break.
In respect of Houlihan Lokey’s appointment, a number of parties have already registered their interest in being involved in seeing Virgin come through this process as a restructured financially secure business, which can re-commence normal operations as soon as possible as the COVID-19 pandemic allows.
Deloitte are committed to working with the Virgin and Houlihan Lokey team to ensure the success of this process which is intended to continue the employment of the majority of the current 10,000 strong Virgin team, whilst obtaining the best outcome for all stakeholders.
Deloitte will update industry as this work progresses and on the expected timetable for the recapitalisation. All communication should continue through existing reporting lines within the Virgin team.For more information visit > https://www2.deloitte.com/au/virgin