Richard Branson. Picture: AFP/PAUL J RICHARDS200m of Richard Branson’s own money to secure the rescue of his Virgin Atlantic Airways.
The market values of 10 large, publicly traded airlines linked to prominent magnates tracked by the Bloomberg billionaires index have fallen in value by $14bn since the start of the year. The crisis has also brought structural issues or simmering tensions to the surface. Norwegian Air Shuttle’s debt load forced it into a restructuring. The discount airline, whose co-founder Bjrn Kjos was a former fighter pilot who challenged giants such as British Airways on trans-Atlantic routes, remains highly indebted and has warned it will likely need to raise more capital.
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