fb
Home WDW Tickets WDW Guide WDW News WDW Reviews WDW Articles


Virgin Atlantic US Files For Chapter 15 Bankruptcy

News

Virgin Atlantic US Files For Chapter 15 Bankruptcy

Virgin Atlantic US has filed for chapter 15 bankruptcy protection in the United States, to help stop debtors from demanding payments or seizing assets during the pandemic.


Virgin Atlantic (US) has filed for Chapter 15 bankruptcy (via the Guardian) due to the ongoing COVID-19 pandemic.
A Virgin Atlantic spokesperson said that the company was pursuing a 'solvent restructuring' under British law. The filing means the airline is not yet going into liquidation or going out of business - but the company warned that if a deal with creditors isn't reached, it could run out of cash by September.

Chapter 15 bankruptcy is not the same as going into administration here in the UK. It's more of a strategy to stop the people the company is in debt to from demanding payments in times of financial difficulty by protecting assets. It's similar to what the owners of Cirque du Soleil did in June. During this phase, the company hopes to shield assets as they reorganise the company to save it from actually going bankrupt.
Book Disney World 2021 Book Your 2021 Walt Disney Holiday Now >>

Flights Search For Cheap Orlando Flights Deals & More >>

Tickets View Our 2021 Ticket Guide & Available Deals >>

Join the Mickey From The UK email club & never miss any of our Disney content
Tick the box to confirm you want to opt into our emails
(Your email will never be shared, sold or spammed as outlined in our privacy policy. Only Disney goodness you'll receive.)
This article was posted on 05-Aug-2020

            submit to reddit

Read Next  View More >
Mulan Now Available To Stream For All Disney+ Subscribers Biden To Dismiss Trumps Final Order To End Travel Ban From Europe Park Hopping To Return January 1st Without Monorail Service Disney Shares New Look Inside Remy’s Ratatouille Adventure Coming To EPCO... Disney Shares Video Of The Cinderella Castle Suite

Mickey From The UK
UK Disney World Community
Who Are We?

Email Subscribe Facebook Facebook Twitter Instagram

Book Disney World 2021 Book Your 2021 WDW Holiday >>
View all the latest WDW offers

Flights Cheap Orlando Flights Search >>
Search for the cheapest MCO flights

tickets 2021 Ticket Guide & Deals >>
View our full WDW ticket guide




'Mickey From The UK' is an unofficial Disney community website, primarily focused on Walt Disney World.
© MickeyFromThe.UK . All Rights Reserved. Content cannot be reproduced without permission.

Email Club       About       Contact Us       Advertising/Reviews/Sponsorships       Report Error       Terms       Disclaimers       Privacy       RSS Feeds