Richard Branson's Virgin Atlantic filed for Chapter 15 bankruptcy protection in the US on Tuesday after telling a London court it was set to run out of cash next month without getting approval for a rescue financing.
Richard Branson's airline would be forced to fold next month unless the deal was approved, a London court has heard.Since January 1, Virgin's reservations are down 89 per cent year-over-year and current demand for the second half of 2020 is at approximately 25 per cent of 2019 levels, according to court papers.
Without the funds, available cash will drop to about 49 million pounds by late September, below the 75 million pounds specified in bondholder contracts. That would require the sale of Heathrow airport slots against which the bonds are secured, forcing the carrier to fold.Virgin Atlantic said it obtained an order from the court to convene four creditor meetings on August 25 to vote on the restructuring as part of a process that will bind all debt classes to the rescue plan.
The restructuring must be approved at a hearing scheduled for September 2, after the creditor meetings, or will be placed into administration mid-month with any assets sold, David Allison, a lawyer for the company, told the court.
Source: Law Daily Report (lawdailyreport.net)
Virgin finally fucked.
.......and also flying to Mars ? Disconnect there?
Shook his hand once..on a Virgin plane to Melbourne fro. Sydney for the Cup. Just thougt you would like to know.
Have they ... checked behind the cushions on Bransons couch for a spare billion?
OK. I give:
But virgin galactic is ok right?
This is why giving money for airline tickets right now is very iffy. Might not see a flight or your money back
Billionare wants taxpayers to bail him out to reduce his losses, seems about right. Par for course.
But he still got enough money to ahead with your Virgin Galactic hobby? Just Checking.
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