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		</div><p>A key vote on Virgin Atlantic’s £1.2 billion rescue deal will be held on Tuesday.<br />
Creditors will vote at a closed hearing at the High Court on whether to approve the restructuring package secured by the airline in July.</p>
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<p>The carrier warned earlier this month it could run out of money by the end of September if the bailout does not go ahead.</p>
<blockquote><p>£1.2bn Value of the rescue deal secured by the airline in July</p></blockquote>
<p>It has been hit hard by the collapse in demand caused by the coronavirus pandemic.<br />
The rescue deal involves only private funds and includes a cash injection of £200 million from founder Sir Richard Branson’s Virgin Group.</p>
<p>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.</p>
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<p>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”.<br />
Virgin Atlantic has said it does not expect demand for air travel to return to pre-pandemic levels until 2023.</p>
<p>In May it announced it would shrink its operations, including closing its Gatwick base and cutting 3,550 jobs.</p>
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