Virgin Atlantic has completed a £1.2 billion recapitalisation – but confirmed more jobs would have to go as it battles to rebuild following the Covid-19 shutdown.
A US procedural hearing will follow in New York on Thursday, designed to ensure the £1.2 billion financial plan is recognised by the relevant authorities in the United States.
As countries around the world start to relax travel restrictions, Virgin Atlantic will resume flying from London Heathrow to Delhi, Tel Aviv, Atlanta, Mumbai and Lagos throughout the month.
The UK-based carrier has reached a significant milestone as it attempts to safeguard its future, securing the support of creditors for a financial overhaul.
The carrier has introduced free Covid-19 insurance on all bookings. The policy, which applies automatically to all flights booked with the carrier, is designed to complement existing travel insurance.
Ryanair, Virgin Atlantic and TUI are failing to refund passengers in agreed time frames, breaching recent commitments to the regulator, according to new research.
Virgin Atlantic has reached another milestone in its journey toward securing its future, undertaking a hearing in the US courts to support its plan for a private-only solvent recapitalisation.
Virgin Atlantic has filed for bankruptcy in the United States as the aviation sector continues to battle the impact of the Covid-19 pandemic.
After a three-month hiatus, Virgin Atlantic will be welcoming customers back onboard this evening with the first passenger flight departing London Heathrow to Hong Kong.
The five-year business plan, which has the support of shareholders Virgin Group and Delta, new private investors and existing creditors, paves the way for the airline to rebuild its balance sheet.
New destinations include Hong Kong (to relaunch on July 20th), Barbados (August 1st), Shanghai (August 4th), Lagos (August 23rd) and Atlanta (August 25th).