Virgin Atlantic files for bankruptcy as Branson airline struggles during pandemic
Reading now: 427
dailystar.co.ukcoronavirus pandemic.The airline, which is 51% owned by Branson's Virgin Group and 49% by U.S. airline Delta, filed for bankruptcy in the southern district of New York today.
In the filing, the airline said it has negotiated a deal with stakeholders "for a consensual recapitalisation" that will get debt off its balance sheet and "immediately position it for sustainable long-term growth."The U.S.
filing is in addition to a proceeding filed in a British court, where Virgin Atlantic obtained approval to convene meetings of affected creditors.A Virgin Atlantic spokesman said the restructuring plan was before a British court "to secure approval from all relevant creditors before implementation."The U.S.
Read more on dailystar.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
