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Virgin Atlantic Files For Bankruptcy Protection In US Amid Pandemic

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Virgin Atlantic Files For Bankruptcy Protection In US Amid Pandemic

Virgin Atlantic has filed for chapter in US

Virgin Atlantic has utilized for chapter safety within the United States, court docket filings present, because the British airline — which has not flown since April due to coronavirus — seeks to tie up a rescue deal within the UK. The firm — part-owned by Richard Branson — grounded its planes in April due to the pandemic however introduced plans for personal funding price 1.2 billion kilos ($1.5 billion) in July, what it referred to as a “major milestone towards securing its future.”

A court docket submitting confirmed Virgin Atlantic sought Chapter 15 chapter in New York on Tuesday, a transfer that might defend its US property as a international debtor whereas it seeks approval within the UK from collectors for the rescue plan. In court docket proceedings at present underway in Britain, Virgin Atlantic was given approval on Tuesday to carry creditor conferences to vote on the rescue plan.

The firm has stated it plans to slash annual prices by 280 million kilos per yr and introduced plans earlier within the yr to axe greater than 3,000 jobs because the pandemic grounded most of its fleet. Airlines globally have been slammed by the coronavirus pandemic, leading to bailouts and hundreds of job losses.

The Virgin Group has been notably exhausting hit, with Virgin Australia going into voluntary administration in April earlier than it was snapped up by a US fairness agency. It introduced Wednesday it could shut price range subsidiary Tigerair Australia and lay off 3,000 employees because it prepares to relaunch beneath the brand new homeowners.

It would additionally proceed the suspension of long-haul worldwide flights and retire a part of its fleet.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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