Virgin Atlantic reaches ‘significant milestone’ in securing future

Virgin Atlantic says it has reached “a significant milestone in safeguarding its future” after creditors voted to approve a £1.2 billion bailout.

The vote was a key part of a court-sanctioned process being used by the airline to implement the deal.

It warned earlier this month it could run out of money by the end of September if the rescue package is rejected.

The company said in a statement: “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 next step is an English High Court hearing on September 2 to sanction the restructuring plan.”