Now, the airline is being bailed out by the Treasury and Bank of England’s emergency coronavirus fund with a huge loan of £600million after its founder warned it will "run out of … We have some exciting news for you...Virgin Atlantic could ‘run out of money altogether’ by SeptemberDaisy May Cooper and dad Paul confirmed as late additions to Celebrity GoggleboxNaya Rivera’s ex-husband Ryan Dorsey rushed to son after star went missingUK braced for four days of thunderstorms as ‘danger to life’ warning issuedBody found in search for missing girl, 12, in riverThe 29 UK towns and cities on local lockdown ‘watch list’Dawn Butler targeted by racist trolls after revealing she got stopped by policeGirl, 14, groped on beach front by man pushing ‘pram’ They are taking unprecedented steps to safeguard airport staff and operations through this crisis, which could include in some cases considering shutting down for a period of time. continue to respect all commenters and create constructive debates.

Please The most insightful comments on all subjects Stricken airline Virgin Atlantic has unveiled a rescue deal worth £1.2 billion.The bailout package involves only private funds and includes £200 million being provided by founder Sir Richard Branson’s Virgin Group.Support has also been given by Delta Air Lines – which owns 49% of Virgin Atlantic – new private investors and existing creditors.Virgin Atlantic chief executive Shai Weiss said: ‘Few could have predicted the scale of the Covid-19 crisis we have witnessed and undoubtedly, the last six months have been the toughest we have faced in our 36-year history.‘We have taken painful measures, but we have accomplished what many thought impossible.‘The solvent recapitalisation of Virgin Atlantic will ensure that we can continue to provide vital connectivity and competition to consumers and businesses in Britain and beyond.‘We greatly appreciate the support of our shareholders, creditors and new private investors and together, we will ensure that Virgin Atlantic can emerge a sustainably profitable airline, with a healthy balance sheet.’The package is worth £1.2 billion over the next 18 months and is in addition to measures already taken, such as cost savings of around £280 million per year and amending aircraft deliveries over the next five years.Hedge fund Davidson Kempner will lend Virgin Atlantic £170 million.Delta Air Lines and Virgin Atlantic’s other shareholder – Virgin Group – will collectively defer £400 million of fees.Creditors have agreed to defer more than £450 million of payments.Virgin Atlantic said it does not expect demand for air travel to pre-coronavirus pandemic levels until 2023.In May it announced that it would shrink its operations, including closing its Gatwick base and cutting 3,550 jobs.It is due to resume flights on Monday after suspending passenger services due to the virus.Looking to buy in London?

More than 250 trades unions and environment groups have signed an open letter opposing plans for bailing out the aviation industry. This represents a 44 per cent drop year-on-year, more than double Enter your email to follow new comments on this article.Are you sure you want to mark this comment as inappropriate?Want to discuss real-world problems, be involved in the most engaging discussions and hear from the journalists?

the same level of attention, but we have preserved this area in the interests of open debate. The airline is in trouble financially (Picture: Nicolas Economou/NurPhoto) Stricken airline Virgin Atlantic has unveiled a rescue deal worth £1.2 billion. try again, the name must be uniquePlease So it came as quite a shock to everyone when the government pretty much turned them down point-blank! Independent Premium. real-world solutions, and more.



{{#replies}} Due to the sheer scale of this comment community, we are not able to give each post It comes after easyJet, among other airlines, continued to pay out dividends to shareholders, to the tune of £171m. {{#sender.isSelf}}

It comes after easyJet, among other airlines, continued to pay out dividends to shareholders, to the tune of £171m.
Government refuses airline bail out It was widely expected that the government would offer airlines a handout to stop any potential bankruptcies. There are no Independent Premium comments yet - be the first to add your thoughts

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The UK government is reported to be getting close to firming up a multi-billion pound plan to bail out its struggling airlines. Airline Bailout Tracker This European airline bailout tracker reflects the most up to date public information available at the time it was published on May 8, 2020. There are no Independent Premium comments yet - be the first to add your thoughts try again, the name must be unique try again, the name must be unique There are no comments yet - be the first to add your thoughts “And keep watching the situation as it develops because we may need you to do more.“My message to governments that are considering doing something is to hurry-up. The airline’s founder and largest shareholder, Stelios Haji-Ioannou, received £60m.The lack of government bailout was met by shock and concern from some corners of the industry.Chief executive of the Airport Operators Association (AOA), Karen Dee, said: “After having publicly announced a support package for airports and airlines, we’re surprised by where we find ourselves today.
{{#sender.isSelf}} Financial data based on research by Profundo. It allows our most engaged readers to debate the big issues, share their own experiences, discuss Please Start your Independent Premium subscription today.Are you sure you want to mark this comment as inappropriate?Independent Premium Comments can be posted by members of our membership scheme, Independent Premium.

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