0 £0.00
This item was added to your basket
Powered by
Credit Strategy homepage

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

Virgin Atlantic secures backing for £1.2bn rescue deal 

Virgin Atlantic has secured backing from its creditors for a £1.2bn rescue deal that will save 6,500 jobs.

Share on LinkedInShare on TwittereCard

In July, the airline announced a restructuring plan after Alvarez & Marsal had been put on standby to explore contingency options. The recapitalisation will deliver a refinancing package worth £1.2bn over the next 18 months.

 

Virgin Atlantic secured the support of all four credit classes, including 99% of support from the company’s trade creditors, who voted in favour of the plan.

 

The airline, who had previously warned it would run out of cash by September without a deal, will now need approval from the High Court in London.

 

A Virgin Atlantic spokesperson said: “We remain confident that the plan represents the best possible outcome for Virgin Atlantic and all its creditors and believe that the court will exercise its power to sanction the restructuring plan, at a hearing scheduled on September 2.

 

“Achieving this milestone puts Virgin Atlantic in a position to rebuild its balance sheet, restore customer confidence and welcome passengers back to the skies as soon as they are ready to travel.”

 

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Corporate responsibility minister: Confidence in pre-packs is needed 

Corporate responsibility minister: Confidence in pre-packs is needed 

TRI Conference to showcase business rescue cases during Covid-19

TRI Conference to showcase business rescue cases during Covid-19

Prime Minister’s announcement is a “hammer blow” for hospitality

Prime Minister’s announcement is a “hammer blow” for hospitality

Upcoming events

Our partners


Manolete Partners

Any Stock Buyer

Therium

Debenhams Ottaway

Nexia International

Quantuma
Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group