All four creditor classes of the airline have voted in favour of accepting the repayment terms.
A Virgin Atlantic spokesperson said: “In order to complete the private-only, solvent recapitalisation of the airline, our Restructuring Plan is going through a court-sanctioned process under Part 26A of the UK Companies Act 2006.”
“Today, Virgin Atlantic has reached a significant milestone in safeguarding its future, securing the overwhelming support of all four creditor classes, including 99% support from trade creditors who voted in favour of the Plan.”
The airline will go to the High Court on 2 September to get its seal of approval. A day later, a similar hearing in the US will take place.
The Restructuring Plan was announced on 14 July. The four classes of creditors comprise those under the company’s revolving credit facility, plus aircraft lessors and shareholders, all of which have pledged 100% support. A fourth category, trade creditors, gave 99% support.
