Virgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday.
FILE PHOTO: Virgin Atlantic and TUI Airways aircraft are seen at Manchester Airport, following the outbreak of the coronavirus disease , Manchester, Britain, June 8, 2020. REUTERS/Phil Noble
A Virgin Atlantic spokeswoman said the restructuring plan was before a British court “to secure approval from all relevant creditors before implementation.” In July, the airline said its private deal with stakeholders eliminates the need for support from the British government that billionaire founder Richard Branson had sought. The reorganization is expected to be completed towards the end of this summer and be spread across the next 18 months.
In July, Virgin Atlantic said it has agreed a rescue deal with shareholders and creditors worth 1.2 billion pounds to secure its future beyond the coronavirus crisis.
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