The airline has launched a court-backed process as part of a solvent recapitalisation of the airline and holiday business, with a restructuring plan that once approved and implemented, "will keep Virgin Atlantic flying".
The restructuring plan is based on a five-year business plan, and with the support of shareholders Virgin Group and Delta, new private investors and existing creditors, it is hoped the airline will rebuild its balance sheet and return to profitability from 2022.
Virgin Atlantic confirms £1.2bn refinancing package
Air
Jennifer Morris
14 July 2020
Virgin Atlantic has agreed a "private-only" solvent recapitalisation of the airline, following the severe impact of the Covid-19 pandemic.
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