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Apply for travel industry jobs or place your own recruitment briefs.Virgin Atlantic's £1.2bn restructure cleared by US court
07 Aug 2020by Rob Gill
Virgin Atlantic says it has "secured" the support of the majority of creditors for the refinancing
Virgin Atlantic has moved a step closer to securing its future with a US court supporting its £1.2 billion restructuring and refinancing plan.
The carrier is currently undergoing a "solvent" refinancing in the UK courts but has also applied for Chapter 15 bankruptcy protection in New York to protect Virgin’s assets in the US.
This process moved a step forward on Friday (7 August) when the US court extended its initial ruling made on Tuesday (4 August) until a hearing on 3 September to tie in with court proceedings in the UK.
Virgin called the move by the US court “another important milestone” in the restructuring and refinancing process.
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