Virgin Atlantic secures £1.2bn bailout package

Virgin Atlantic has unveiled a £1.2 billion bailout package involving only private funds.

The plan to secure its future includes £200 million being provided by founder Sir Richard Branson’s Virgin Group.

Support has also been given by Delta Air Lines – which owns 49% of Virgin Atlantic – new private investors and existing creditors.

The deal must secure approval from relevant creditors through a process introduced as part of Government reforms to corporate restructurings.

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