Virgin Atlantic is seeking protection from creditors in the United States.
The airline’s filing under Chapter 15 of the Bankruptcy Code, which allows a foreign debtor to shield assets in the country, was made in a bankruptcy court in New York yesterday.
The filing said that the airline had negotiated a deal with stakeholders “for a consensual recapitalisation” that would get debt off its balance sheet and “immediately position it for sustainable long-term growth”.
The carrier was also in the High Court in London, where it warned that it could run out of money by the end of September if creditors did not approve a £1.2 billion bailout package.
As Branson once said:
If you want to be a Millionaire, start with a billion dollars and launch a new airline.
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