Richard Branson’s Virgin Atlantic close to securing £1.2billion rescue deal saving thousands of jobs

VIRGIN Atlantic is close to securing a £1.2billion rescue deal that would save thousands of jobs.

The airline, which is owned by Sir Richard Branson, is expected to make an announcement on plans to restructure later today, reports Sky News.

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Under the refinancing deal, Virgin Group will pay in £200million in cash, while hedge fund Davidson Kempner will lend the firm £170million.

Virgin Group and Delta Air Lines – Virgin Atlantic’s two shareholders – will agree to defer around £400million worth of fees to help the business recover from the coronavirus crisis.

A further £200million is expected to be generated by cost savings as a result of the restructuring plans drawn up by the airlines’s chief executive, Shai Weiss.

In total, the rescue package is said to be worth up to £1.2billion over the next 18months.

More to follow…

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