fb



Virgin Atlantic US Files For Chapter 15 Bankruptcy

Virgin Atlantic US Files For Chapter 15 Bankruptcy

News
05-Aug-2020

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.
OFFER ENDS NOVEMBER 2ND. BOOK NOW!

Disney World Magical 50th Anniversary 2022 Offer

Get up to $950 free dining credit, $100 gift card, free amendments, low deposit, & more.

Click here to search offer dates & book now >>


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 >
Face Coverings Can Now Be Removed At Disneyland Paris Character Selfie Spot... "My Plans" Has Disappeared From My Disney Experience - Here Is A Workaround Face Coverings Now Only Required For Guests 11+, Social Distancing Markers ... Disney Kite Tails At Animal Kingdom Showtimes Released Starting October 1st

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

Email Subscribe Facebook Facebook Twitter Instagram

Offer Ends Nov 2nd, Book Now!
Book Your Disney World Magical Package For 2022 Now



Walt Disney World FREE DINING CREDIT + free gift card offer for 2022


Up to $950 dining credit, $100 gift card, free amendments, low deposit, & more
Click here to book now >>



'Mickey From The UK' is an unofficial privately owned Disney and Walt Disney World community website.
© MickeyFromThe.UK . All Rights Reserved. Content cannot be reproduced without permission.

Email Club       About       Contact Us       Advertising/Reviews/Sponsorships       Disclaimers       Privacy