BREAKING NEWS: Virgin Atlantic Secures £1.2bn Rescue Package – Thousands of Jobs Saved

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Richard Branson is said to be relieved and happy after securing a massive £1.2 billion (€1.34 billion) rescue package deal.

THE deal, which includes almost £200 million (€224 million) from Richard Branson’s Virgin Group and hedge fund Davidson Kempner, could save the airline from entering administration – a move Branson has previously warned he would never let happen. Branson can now unveil the mammoth deal has planned for pilots, cabin crew, and head office staff.

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The government is not involved in the rescue package, though the airline will be using a new-court sanctioned process introduced by a government reform, that reform was introduced to enable smoother corporate restructurings amid the coronavirus crisis.

In total, the restructuring will be worth up to £1.2 billion over 18 months and it will also allow Branson to retain a controlling interest in the airline. Virgin Group and Delta Air Lines, Virgin Atlantic’s two shareholders, will collectively defer approximately £400 million of fees.

 





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