Virgin Atlantic Secures £1.2 billion Rescue Package | Aviation International News

Virgin Atlantic Secures £1.2 billion Rescue Package

A new five-year business plan at Virgin Atlantic calls for a return to profitability by 2022

By Gregory Polek • Senior Editor

July 14, 2020

Virgin Atlantic said on Tuesday that it has reached funding agreements worth £1.2 billion ($1.51 billion) from private investors as part of a plan to recapitalize the ailing airline. Calling it “a big step forward in securing its future,” Virgin Atlantic reported the plan covers a five-year period and, in management’s estimation, would return the airline to profitability by 2022. The recapitalization will deliver the refinancing package over the next 18 months and bolster “self-help measures” already taken and expected to result in cost savings of some £280 million per year.

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