A spokesperson for the carrier confirmed it was in the process of finalising a new £160 million refinancing package, the BBC reports.
Confirmation followed other national press reports stating the airline was seeking additional cash to support the business while Brits remain unable to travel.
The money will comprise loans from existing shareholders, including Richard Branson’s Virgin Group and US carrier Delta Air Lines.
“We continue to bolster our balance sheet in anticipation of the lifting of international travel restrictions during the second quarter of 2021,” said a Virgin spokesperson.
