10.5 C
London
Sunday, September 27, 2020

Key vote to be held on Virgin’s £1.2bn rescue deal

Must read

Johnson calls for increased unity among world leaders to tackle Covid-19

UK Prime Minister Boris Johnson has criticised the lack of joined-up thinking from countries around the world in fighting coronavirus, as he called on...

Bruno Fernandes on the spot late on as Brighton pay the ultimate penalty

Bruno Fernandes converted a penalty deep into added time as Manchester United snatched a dramatic 3-2 win from an incident-packed encounter at Brighton. Fernandes coolly...

10 people arrested at central London anti-lockdown demonstrations

UK Police have confirmed 10 people had been arrested and four officers injured following clashes at anti-lockdown demonstrations in central London. Thousands of people massed...

Breonna Taylor’s family demand release of body camera footage

Breonna Taylor’s family have demanded Kentucky authorities release all body camera footage, police files and the transcripts of the grand jury hearings that led...

A key vote on Virgin Atlantic’s £1.2 billion rescue deal will be held on Tuesday.
Creditors will vote at a closed hearing at the High Court on whether to approve the restructuring package secured by the airline in July.

The carrier warned earlier this month it could run out of money by the end of September if the bailout does not go ahead.

£1.2bn Value of the rescue deal secured by the airline in July

It has been hit hard by the collapse in demand caused by the coronavirus pandemic.
The rescue deal involves only private funds and includes a cash injection of £200 million from founder Sir Richard Branson’s Virgin Group.

Virgin Atlantic is seeking approval for the plan from creditors, who are being asked to accept 20% less than they are owed and for repayments to be rescheduled.

The airline insists that without a “solvent recapitalisation” its directors would have “no choice” but to place it into administration, which would “result in a poor outcome for the company’s creditors”.
Virgin Atlantic has said it does not expect demand for air travel to return to pre-pandemic levels until 2023.

In May it announced it would shrink its operations, including closing its Gatwick base and cutting 3,550 jobs.

- Advertisement -

More articles

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article

Johnson calls for increased unity among world leaders to tackle Covid-19

UK Prime Minister Boris Johnson has criticised the lack of joined-up thinking from countries around the world in fighting coronavirus, as he called on...

Bruno Fernandes on the spot late on as Brighton pay the ultimate penalty

Bruno Fernandes converted a penalty deep into added time as Manchester United snatched a dramatic 3-2 win from an incident-packed encounter at Brighton. Fernandes coolly...

10 people arrested at central London anti-lockdown demonstrations

UK Police have confirmed 10 people had been arrested and four officers injured following clashes at anti-lockdown demonstrations in central London. Thousands of people massed...

Breonna Taylor’s family demand release of body camera footage

Breonna Taylor’s family have demanded Kentucky authorities release all body camera footage, police files and the transcripts of the grand jury hearings that led...

Hundreds of anti-coal protesters break into German mine

Hundreds of anti-coal activists have entered a mine in western Germany to protest against the continued extraction and use of fossil fuels. Environmentalists object to...
%d bloggers like this: