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34-822: Virgin Australia Holdings Pty Limited is the holding company that owns and operates Virgin Australia and Virgin Australia Regional Airlines . It previously operated Pacific Blue Airlines , Tigerair Australia and joint-venture airline Polynesian Blue which were absorbed into Virgin Australia in December 2011. Its head office is located in South Bank , Brisbane . After being placed in administration in April 2020, it

68-462: A corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses the term parent holding company . Holding companies can be subsidiaries in

102-495: A tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of

136-771: A 13% stake in Virgin Australia Holdings, which if approved will see existing owners' shares diluted. Air New Zealand's stake would become 22.5%, Etihad would hold 21.8%, Singapore Airlines 20.1% and Virgin Group 8.7%. A month later Air New Zealand sold 19.9% of VAH to Nanshan Group (majority owner of Qingdao Airlines ); and in October, Air New Zealand sold its remaining 2.5% of VAH to Nanshan Group (majority owner of Qingdao Airlines ). A month later Virgin Australia CEO John Borghetti wrote to

170-627: A 15% shareholding in Virgin Blue Holdings. In June 2013, this was increased to 23%. In September 2012, Etihad Airways purchased a 10% shareholding, this was later increased to 20%. A month later Singapore Airlines bought a 10% stake in Virgin Australia Holdings. In April 2013, this was increased to 20%. The same month Virgin Australia Holdings announced it had purchased a 60% stake in Tigerair Australia with

204-526: A matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of the following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of

238-593: A national airline, filling the void following the demise of Ansett Australia. In return for a 50% share of the company, Patrick invested $ 260 million. At the time, the view was that Patrick's shareholding would also allow the company to benefit from their new shareholder's political connections with the Howard Government, and also 'Greenwash' the company, allowing it to be described as Australian-owned. In 2003, Virgin Blue Holdings Limited

272-425: A parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes a new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which

306-593: A request for $ 1.4 billion loan from the Federal Government was rejected, in April 2020 Virgin Australia Holdings was placed in voluntary administration with Deloitte appointed as administrator. It continued to trade whilst Deloitte sought to sell the business, with Bain Capital , BGH Capital , Cyrus Capital Partners and Indigo Partners shortlisted to bid. The administrator listed Bain Capital and Cyrus Capital Partners to make final bids. On 26 June 2020,

340-472: A tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give a parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by

374-466: Is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for

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408-458: Is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as

442-697: Is then known as a " wholly owned subsidiary ". Qingdao Airlines An application for the establishment of an airline based in the Shandong province was filed with the Civil Aviation Administration of China (CAAC) by the Yantai -based Nanshan Group in May 2013. Approval was received by the CAAC between that month and June 2013, when Qingdao Airlines was formed. Initially, the airline

476-816: The COVID-19 pandemic . Virgin Australia Holdings had its head office in Virgin Village in Bowen Hills , Brisbane . As of 2008, 1,000 employees worked at Virgin Village. The building, with about 13,220 square metres (142,300 sq ft) A-Grade office space, was triple net leased to Virgin Blue. As the airline started operations, it decided to place its head office in the Brisbane area. Brett Godfrey, the-then chief executive of Virgin Blue, said in 2006 that

510-480: The Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After

544-632: The financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were the five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958

578-461: The Board of Directors for Virgin Australia. It was also announced that Air New Zealand were unaware of its position of whether they were divesting all or part of their shares. Air New Zealand's partnership with Virgin Australia ceased not long after the decision to withdraw from the board and sell its equity stake. In May 2016, HNA Group (part owner of Hainan Airlines ), announced plans to purchase

612-534: The Tigerair name and acquire the brand rights for Tigerair to operate to some international destinations from Australia. This acquisition was completed in February 2015 with tigerair becoming a fully owned subsidiary of Virgin Australia Holdings. In March 2016, Air New Zealand announced plans to divest itself from Virgin Australia Holdings. Air New Zealand CEO, Christopher Luxon announced intentions to resign from

646-455: The United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of the firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become

680-532: The administrators announced that Bain Capital's bids to acquire Virgin Australia had been successful with current equity holders being wiped out. Subject to being approved by creditors, the deal is expected to be finalised in August 2020. The Queensland Government announced they had partnered with Bain Capital offering $ 200 million in return for maintain the airline being in Queensland. Bain's plan included reducing

714-418: The airline's pilots to reassure them the airline was in a sound financial position following publication of a report suggesting the airline was approaching insolvency. In March 2020, Virgin Australia halted all flights from international sector and in early April 2020, all domestic flights except for some services from Sydney to Melbourne due to the COVID-19 pandemic with 8,000 staff would be stood down. After

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748-499: The allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In

782-584: The decision "was a long considered one and has worked well." The airline originally had its head office in Fortitude Valley . The airline purchased a $ 61 million site in Bowen Hills for its new head office. The firm Sunland Group, which had acquired the Bowen Hills site for $ 8 million in 2005, had scheduled to complete the new head office in March, and the airline would be ready to move into

816-629: The fleet size from 130 to 70-80 aircraft and shutting down the Tigerair brand. Furthermore, they planned to return Virgin's A330's to lessors and mothball their 777-300ER fleet until 2021. The sale was approved by creditors on 4 September 2020. In October 2020, Virgin Group and the Queensland Investment Corporation took stakes of 5% and 2% in the company. Virgin Australia Holdings has its head office at 275 Grey St in South Brisbane . It relocated there in 2020 during

850-488: The following destinations: As of August 2024 , Qingdao Airlines operates to the following destinations: The airline originally aimed to become a ″ boutique airline ″ and had plans to start services to Shenzhen and Shenyang in the near future; Guangzhou and Shanghai were expected to be served in the longer term. As of May 2023 , Qingdao Airlines fleet consists of the following aircraft: In September 2013, an order for five Airbus A320s and 18 A320neos

884-427: The new head office by August of the following year. The current head office facility, Virgin Village, formally opened on 17 October 2008. Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form

918-571: The number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed the broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This

952-540: The stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay the usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship

986-547: The transaction concluded in July 2013. Tiger would continue to operate as a low cost subsidiary of Virgin Australia for 20 years. In April 2013, Virgin Australia Holdings completed its acquisition of regional airline Skywest Airlines and rebranded it Virgin Australia Regional Airlines . In October 2014, Virgin Australia Holdings announced plans to acquire the 40% stake of Tigerair Australia still held by Tiger Airways Holdings for $ 1, giving Virgin full ownership. Virgin would retain

1020-483: Was floated on the Australian Securities Exchange as Virgin Group sought to sell down its holdings. In early 2005, Patrick launched a hostile takeover for Virgin Australia Holdings. Patrick had been unhappy for some time with the company's direction. By the closure of the offer, Patrick held 62% of the company, giving it control. Virgin Group retained a 25% share. In 2006, Patrick Corporation

1054-548: Was fully owned by Nanshan Group. As of April 2014 , Song Zuowen was the president of the airline. The airline's headquarters are in Chengyang District , Qingdao . Operations started on 26 April 2014 linking Qingdao with Chengdu . As of May 2014 , the airline 's top five routes ranked by seat capacity were Qingdao–Shanghai, Qingdao–Beijing, Qingdao–Hangzhou, Qingdao–Shenyang and Qingdao–Dalian. As of October 2016 , Qingdao Airlines served

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1088-606: Was owned by the Nanshan Group (55%), the Qingdao Transport Development Group (QTDG) (25%) and Shandong Airlines (20%). The initial capital of Qingdao Airlines was CNY 1 billion (USD161 million). In July 2015, Shandong Airlines transferred its shares to a subsidiary of the Nanshan Group; as of August 2015 , the airline plans to sell the 25% of the shares held by QTDG in order to become fully private. Since November 2015, Qingdao Airlines

1122-534: Was purchased by Bain Capital in August 2020. Virgin Blue Holdings was formed in 2000 as a wholly owned subsidiary of the Virgin Group . In 2001, the then Air New Zealand owned Ansett Australia made a buyout offer of $ 250 million, which was publicly rejected by Richard Branson . In 2002, Virgin came to an agreement with Patrick Corporation to invest in the airline, to allow it to grow into

1156-416: Was taken over by Toll Holdings , who maintained the ownership of shares in Virgin Blue Holdings. In 2008 the group announced a plan to distribute 98.3% of its shares in the company to its shareholders, thus making itself no longer a majority stakeholder. At the time Toll Holdings owned 62.7% of the company and had previously attempted to sell the share to no avail. In January 2011, Air New Zealand purchased

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