Virgin Atlantic Gets £1.2bn Rescue Deal Covering 18 Months
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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.
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About The Author
Ash Hales is a British Disney Parks writer and the voice behind Mickey From The UK. Based in the South of England, he's been visiting Disney Parks for over three decades and launched Mickey From The UK in 2017 to provide practical, straight-talking advice for British guests - without the American bias.
Ash Hales is a British Disney Parks writer and the voice behind Mickey From The UK. Based in the South of England, he's been visiting Disney Parks for over three decades and launched Mickey From The UK in 2017 to provide practical, straight-talking advice for British guests - without the American bias.
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