Virgin Atlantic Secures £1.2Billion Bailout

Virgin Atlantic has unveiled a £1.2Billion ($1.5Billion) rescue package in a move that will protect thousands of workers from redundancy and to secure its future. Report says.

The airline, which is 51 percent owned by Branson’s Virgin Group and 49 percent by U.S. airline Delta, has had to close its Gatwick base and cut more than 3,500 jobs to contend with the outcome of COVID-19 pandemic, which has grounded planes and battered travel demands.
This company is reportedly set to unveil the mammoth deal for pilots, cabin crew, and head office staff.

“The last six months have been the toughest we have faced in our 36-year history. We have taken painful measures, but we have accomplished what many thought impossible,” Chief Executive Shai Weiss said in a statement, adding that the carrier is targeting profitability from 2022.
“We greatly appreciate the support of our shareholders, creditors, and new private investors, and together, we will ensure that Virgin Atlantic can emerge a sustainably profitable airline with a healthy balance sheet.”
The airline’s high-profile billionaire founder Branson had attracted criticism after calling for government help for Virgin Atlantic to survive the slide.

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