NEW YORK — Virgin Atlantic, the airline founded by British businessman Richard Branson, filed Tuesday for protection in U.S. bankruptcy court as it tries to survive the virus pandemic that is hammering the airline industry.
A spokeswoman for Virgin Atlantic said the bankruptcy filing is part of a court process in the United Kingdom to carry out a restructuring plan that the airline announced last month. The process is supported by a majority of the airline's creditors, and the company hopes to emerge from the process in September, she said.
The airline is primarily a long-haul operator, including flights between the U.K. and the U.S. It stopped flying in April due to the pandemic and only resumed flights in July. It closed a base at London's Gatwick Airport and cut about 3,500 jobs. Last month, Virgin Atlantic announced that it had put together a deal to raise 1.2 billion pounds from private sources, including 200 million pounds from Branson's Virgin Group.
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