Virgin Atlantic Files For Bankruptcy In U.S.
VIRGIN ATLANTIC FILES FOR BANKRUPTCY IN THE U.S.
(CNN) – Virgin Atlantic is filing for bankruptcy protection in the U.S.
The global airline, which is based in Britain submitted its Chapter 15 filing in New York on Tuesday.
The move came despite a $1.5 billion rescue deal with investors last month.
But the carrier says it still has the backing of its current shareholders and creditors and also new investors.
And the company says it will roll out a recapitalization plan over the next 18-months.
The airline industry has been taking a harsh beating from the coronavirus pandemic.
So much so that an international air transport group says a full recovery will take four years.