Virgin Atlantic Deal May Save Airline from Closure

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Richard Branson
Sir Richard Branson ready to take off again Credit: Melosh flickr

SIR RICHARD BRANSON has agreed the Virgin Group will inject £400 million (€440 million) of new cash into a £1.2 billion (€1.3 billion rescue plan to save the Virgin Atlantic Airline.

Creditors including shareholders, banks, aircraft owners and suppliers owed money were faced with a complete collapse of the airline by the beginning of September, so they have agreed the new plans.

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If approved by the High Court in London, the plan should allow Virgin Atlantic 18 months in which to recover.




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