Virgin Atlantic plans to cut 1,150 more jobs and has completed its £1.2billion rescue deal, the airline said. The news means the airline survives, for now, having previously said it would run out of cash altogether this month without a deal being signed off.
Chief executive Shai Weiss said: "Together, we have achieved what many thought impossible and that is down to the efforts and sacrifices of so many across the company. "The completion of the private-only, solvent recapitalisation of Virgin Atlantic removes much of the uncertainty we faced and represents a major step forward in our fight for survival. "We greatly appreciate the support of our shareholders, creditors and new private investors and together, we will ensure that the airline
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