Shareholders will press Virgin Australia Holdings' new CEO Paul Scurrah to ...
His legacy at Australia’s No. 2 carrier includes rising costs, expensive fleet and airport contracts, the sale of part of its frequent flyer business, a looming U.S. dollar debt refinancing and a complex share register and boardroom, the sources said.
Virgin referred to a statement by Scurrah that airline needed to be in a position where it could better withstand financial pressures and declined to comment further. Scurrah, who worked in aviation early in his career but had most recently run port operator DP World’s Australian business, took on the top job in late March.
Virgin has forecast it will report an annual underlying loss on Wednesday because of weaker demand, a big turnaround from the strong half-year underlying profit Borghetti reported in February. “The big thing is to take some costs out of the business, get them as lean as possible without massively reducing their product and go from there,” he said of Virgin.
Scurrah also must decide whether to axe flights to Hong Kong launched after HNA invested in the airline. They were not lucrative even before recent anti-government protests hurt travel demand to the city, according to the sources.Virgin has had negative free cash flow for the last 11 financial years, according to Refinitiv data, which has led it to rely heavily on funding from equity, debt and asset sales. It has a non-investment grade credit rating because of its high debt levels.
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