Virus-hit airline Virgin Atlantic said today it had secured its future thanks to private recapitalisation worth £1.2 billion . ― AFP pic
The news comes after Virgin Atlantic in May announced plans to axe more than 3,000 jobs as the pandemic grounded a large number of passenger jets. Restructuring, subject to creditor approval, “is based on a five year business plan, and with the support of shareholders Virgin Group and Delta, new private investors and existing creditors, it paves the way for the airline to rebuild its balance sheet and return to profitability from 2022”, today’s statement said.
“The solvent recapitalisation of Virgin Atlantic will ensure that we can continue to provide vital connectivity and competition to consumers and businesses in Britain and beyond,” Virgin Atlantic chief executive Shai Weiss said in the statement as the carrier prepares to restart passenger flights from Monday next week.
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