Richard Branson has seen the crucial vote pass to save his airline Getty ImagesHaving seen his Virgin empire brought to its knees by the COVID19 pandemic, Sir Richard Branson and his team have pushed through the latest stage of a plan to save Virgin Atlantic, his grounded airline. Virgin Atlantic creditors voted Tuesday on a recapitalization deal in London’s High Court that would see a 20% reduction of the debt owed by Virgin Atlantic to trade creditors, with the remainder of payments staggered over a longer period than initially agreed. So far 3,550 jobs have been lost across all functions at Virgin Atlantic, around 30% of its pre-pandemic workforce. Richard Branson poses at Bondi Beach on November 13, 2019 in Sydney, Australia. “A U.S. Chapter 15 procedural hearing will follow on 3 September, ensuring Virgin Atlantic’s Restructuring Plan is recognized in the U.S, paving the way for the £1.2bn private only, solvent recapitalisation of Virgin Atlantic.”

Source: Forbes August 25, 2020 15:22 UTC