Webjet's 17 Tense Days of Survival in ICU
This gripping story from the Australian Financial Review details Webjet's harrowing fight for survival amidst the travel industry collapse caused by Coronavirus. The article chronicles the company's rapid descent from healthy financials to the brink of bankruptcy within weeks.
Roger Sharp, Webjet's chairman, and John Guscic, the CEO, spearheaded a frantic 17-day scramble to secure funding. Facing investor rejection and a global lockdown, they were forced to consider drastic measures, including private equity buyouts and significant staff reductions.
Despite the immense challenges, Webjet managed to secure a lifeline through a massively discounted equity raising. The article explores the complex negotiations, last-minute interventions, and the ultimate cost-cutting measures Webjet had to take. Download the full PDF for a deeper dive into this white-knuckle corporate rescue story.