Coronavirus: Virgin Atlantic Finalises £1.2bn Rescue Deal - Bbc News

by bbc.com posted 2months ago 5 views
The package includes support from its main shareholder, Virgin Group, and loans from outside investors. It also includes deferring hundreds of millions of pounds owed both to Virgin Group and to fellow shareholder Delta Air Lines. Virgin Atlantic had initially hoped to obtain emergency funding from the government, but ministers said any subsidies would be a last resort. The funding comes largely from existing shareholders and a new investor, hedge fund Davidson Kempner Capital Management. The company said the plan paved the way for the airline to rebuild its balance sheet and return to profitability in 2022.

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