The airline will go to the High Court to hear if around 170 suppliers approve a package that will mean them receiving 80% of the amount the airline owes them, with repayments in instalments.
The Financial Times said the airline had warned the court earlier this month that funds would reach a critical point in September if the bailout money was not released.
Virgin’s rescue plan is based on a five-year restructuring that depends on support from private backers. Cost savings of around £280 million a year will be sought, with another £880 million saved by rephrasing aircraft deliveries over the next five years.
