LONDON: Virus-hit airline Virgin Atlantic, part-owned by British tycoon Richard Branson, said Tuesday it had secured its future thanks to private recapitalisation worth £1.2 billion.
Branson meanwhile warned that Virgin Atlantic would collapse unless it received financial aid from the UK government to weather the crisis. The £1.2 billion package, comprising £200 million from Branson’s Virgin Group, will be delivered over the next 18 months. Airlines globally have been slammed by the coronavirus pandemic, resulting in bailouts and thousands of job losses.
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