The BBC has reported Virgin Atlantic has won backing from its creditors for a £1.2 billion rescue plan that will secure its future for at least the next 18 months.
Virgin is using this rescue plan to rebuild its balance sheet so it can welcome passengers back, and give confidence to future bookings. Virgin was on the brink of bankruptcy as they were due to run out of cash by September 2020.
This deal includes £400 million in cash (half of which will come from its main shareholder, Sir Richard Branson's Virgin Group), as well as negotiations with banks, shareholders, aircraft owners and suppliers who they owe money. Virgin has previously announced 3,500 job cuts, but they have said the remaining 6,500 jobs should now be secure.
Ash Hales is a British Disney Parks writer and the voice behind Mickey From The UK. Based in the South West of England, he's been visiting Disney Parks for nearly three decades and launched Mickey From The UK in 2017 to provide honest, straight-talking news and advice for UK guests - without the American bias.
