Richard Branson’s Team Dismiss Bankruptcy Reports – It’s All Part Of The Plan, Says Virgin Atlantic

Branson and his team claim to have already “secured” support from the majority of stakeholders, and expect the Virgin restructuring plan will come into effect in September. However, Virgin must secure approval from all relevant creditors before moving forwards – “We remain confident in the plan,” the spokesperson said.

“Virgin Atlantic attended court today as part of a solvent recapitalization process,” a Virgin Atlantic spokesperson confirmed. “That process is proceeding with the support of the majority of our creditors.” Virgin Atlantic are pushing the process through the New York court to ensure the U.S. system recognizes the U.K.’s foreign restructuring processes. The statement adds, “In the case of Virgin Atlantic, the process we have asked to be recognised is a solvent restructuring of an English company under Part 26A of the English Companies Act 2006.”Getty Images for Virgin Atlantic,On 14 July this year Virgin Group confirmed rumors that Branson and his team would restructure his business empire.

Following the sale of $500 million of Virgin Galactic shares from May through June, Virgin welcomed new partner Davidson Kempner Capital Management LP, a global institutional investment management firm which is providing $233 million of secured financing, alongside $587 million of deferrals from creditors, $522 million of shareholder deferrals and waivers and $783 million raised from existing shareholders, including Delta Airlines.by the Virgin Atlantic spokesman as “procedural.

In March Branson described the coronavirus pandemic as “the most significant crisis the world has experienced in my lifetime,” later describing the work ahead of him as a “massive battle to survive and save jobs.”

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Never take financial advice from people who have less than yourself, Branson has more than myself and whoever wrote this story....

Well you cant say he doesn't have great foresight in the future. A guy to watch out for.

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