Virgin’s written submission to the London court from early August shows that with creditor claims totalling around $1.9 billion, Virgin Atlantic faced insolvency and would “run out of cash altogether” by late September if today’s vote had failed.
So far 3,550 jobs have been lost across all functions at Virgin Atlantic, around 30% of its pre-pandemic workforce. Virgin would not comment on the likelihood for further job losses in the months to come. However a Virgin Atlantic spokesperson did say that the vote gives the airline the time needed to “rebuild its balance sheet” and “return to profitability from 2022.
Although Tuesday’s decision marks the end of the uncertainty for Branson and his team, the details will need to pass through a final U.K. court hearing on September 2 and a U.S. hearing on September 3. A Virgin Atlantic spokesperson said, “We remain confident that the plan represents the best possible outcome for Virgin Atlantic and all its creditors and believe that the court will exercise its power to sanction the Restructuring Plan, at a hearing scheduled on 2 September.
“A U.S. Chapter 15 procedural hearing will follow on 3 September, ensuring Virgin Atlantic’s Restructuring Plan is recognized in the U.S, paving the way for the £1.2bn private only, solvent recapitalisation of Virgin Atlantic.”
DavidGDawkins How about he start selling his shit to payoff creditors like the average worker is doing!
DavidGDawkins Oh that’s cool, let’s bail out the guy who provides an international hub for trafficking kids. Necker Island anyone?
DavidGDawkins
DavidGDawkins Once again the elite get billions but our small businesses get shafted PeoplesParty ProudSocialist bankruptcy I bet if you let 'free markets work' he would be pounding the table for MedicareForAll
DavidGDawkins Va a tener q volver a la tienda?
DavidGDawkins why do citizens have to keep bailing these folks out?
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