Virgin Atlantic has completed the sale and leaseback of two Boeing 787 Dreamliner aircraft, which it says will allow it to pay down debt and boost its cash position heading into 2021.
Terms have been finalised with Griffin Global Asset Management and Bain Capital Credit, the new owner of Virgin Australia, Virgin Atlantic confirmed on Friday morning (15 January).
According to Reuters, the deal is worth around $230 million (£170 million), and will allow Virgin to repay cash borrowed to secure a $1.2 billion (£880 million) rescue deal last September.
"This latest financing opportunity allows the airline to pay down debt and improve its cash position as it enters 2021, to further strengthen the airline’s resilience until passenger flying resumes at scale," said the airline.
Virgin added it was hopeful the mass roll-out of effective vaccines combined with new testing regimes would allow the UK government to ease its quarantine policy, and stressed the vaccines were already contributing to heightened demand for travel this year.