Virgin Atlantic Files For Bankruptcy Protection And Warns It Is Running Out Of Money
The airline was affected the most due to the Covid-19 virus, Virgin Atlantic perhaps was one of the earliest to register the impact of the virus after they reported that Virgin’s Founded, Richard Branson has sought a government bailout of £500 million (S$867.4 million), but faced a backlash from the public and politicians.
In July, they announced that they would be cutting over 3,000 jobs and announced that the past six months are their toughest in their 36 years of history. Virgin announced also that they managed to raise US$1.25 billion in a rescue deal later on, which would hopefully secure the safety of more than 6,000 jobs.
However, the rescue deal isn’t much of a guarantee as to the International news report that Virgin Atlantic is now seeking protection under chapter 15 of the US Bankruptcy Code. Virgin Altantic also warns that if the deals are not approved, the airline would go out of cash by next month and run out of money completely.
image source, source, Getty/ Wikipedia
