Virgin Atlantic is expected to announced a rescue deal that will save thousands of jobsUnder the refinancing deal, Virgin Group will pay in £200million in cash, while hedge fund Davidson Kempner will lend the firm £170million.
Virgin Group and Delta Air Lines - Virgin Atlantic's two shareholders - will agree to defer around £400million worth of fees to help the business recover from the coronavirus crisis. A further £200million is expected to be generated by cost savings as a result of the restructuring plans drawn up by the airlines's chief executive, Shai Weiss.If the deal goes ahead, it would pull Virgin Atlantic from the brink of administration during the coronavirus crisis.
Government travel bans have caused serious blows to the industry, leaving airlines to repay millions of pounds to customers for cancelled flights.Since then, British Airways has axed 12,000 jobs, while easyJet is to cut 4,500 as part of plans to close its Stansted, Southend and Newcastle hubs.is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.
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Does that mean I’ll get my money back? VirginHolidays holidays virginatlantic
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