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.