Richard Branson's Virgin Atlantic closes in on $1.6 billion rescue plan
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LONDON – Virgin Atlantic's creditors will vote on a 1.2 billion pound ($1.6 billion) rescue plan on Tuesday in a crucial test of the airline's ability to survive in an industry devastated by the COVID-19 pandemic.
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Virgin Atlantic agreed on the deal with shareholders and creditors in July to secure its future beyond the coronavirus crisis.
The airline, which is 51% owned by Richard Branson's Virgin Group and 49% by U.S. airline Delta, said it remains confident in the restructuring plan and is on track to finalize its solvent recapitalization in the first week of September.
Ticker | Security | Last | Change | Change % |
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DAL | DELTA AIR LINES INC. | 29.80 | +2.53 | +9.28% |
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Tuesday's vote of affected trade creditors includes nearly 200 suppliers that the airline owes more than 50,000 pounds to. It needs 75% support of the overall outstanding value of money owed at a hearing at London's High Court.