Gregory Polek has spent his entire career in aviation journalism with AIN, starting as a proofreader and assistant to then-managing editor Mary Mahoney in 1995 after serving an internship with&nbsp;New Jersey Monthly&nbsp;magazine and completing his B.A. degree in English/Writing at New Jersey’s William Paterson College. By 1997 Polek accepted a position as an associate editor, covering the regional airline beat for&nbsp;Aviation International News&nbsp;in place of retiring industry veteran Don Anderson. The assignment took Polek across North America and Europe to profile regional airlines varying in size and mission from the likes of floatplane operators Kenmore Air and Chalk’s Ocean Airways to regional jet operators such as SkyWest and American Eagle. Today, in his dual role as Air Transport Editor and International Airshow Editor, Polek writes, edits, and manages AIN’s commercial aviation content while overseeing each of the company’s daily international air show publications in Paris, Farnborough, Singapore, and Dubai. Most recently Polek has assumed oversight of daily coverage of the Helicopter Association International’s annual Heli-Expo convention.

Senior Editor

Gregory Polek

All four classes of creditors of Virgin Atlantic have voted in favor of a restructuring plan that, if approved by the English High Court, will result in a £1.2 billion ($1.57 billion) private recapitalization of the airline and save it from collapse.

 


Announced on July 14, the restructuring hinges on a new five-year business plan endorsed by Virgin Group and 49-percent shareholder Delta Air Lines, along with new private investors and the existing creditors. The four classes of creditors consist of&nbsp;those under the company’s revolving credit facility, aircraft lessors, shareholders, and trade creditors. &nbsp;

 


“Today, Virgin Atlantic has reached a significant milestone in safeguarding its future, securing the overwhelming support of all four creditor classes, including 99 percent support from trade creditors who voted in favor of the plan,” a Virgin Atlantic spokesperson said in a written statement. “We remain confident that the plan represents the best possible outcome for Virgin Atlantic and all its creditors and believe that the court will exercise its power to sanction the restructuring plan at a hearing scheduled on 2 September. 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] recapitalization of Virgin Atlantic.”

 


The airline said the recapitalization will center on a refinancing package worth £1.2 billion over the next 18 months and “self-help” measures already taken, including cost savings of £280 million per year and an £880 million re-phasing and financing of aircraft deliveries over the next five years.&nbsp;

 


Shareholders have committed to providing £600 million of support over the life of the plan, including a £200 million investment from Virgin Group and the £400 million worth of shareholder deferrals and waivers. Meanwhile, new partner Davidson Kempner Capital Management, a global institutional investment management firm, has committed to £170 million of secured financing.

 


The U.S. proceeding on September 3 is a standard procedural step available to Virgin Atlantic to protect its assets in that jurisdiction while the company completes its solvent recapitalization via the UK court process and enacts the plan.

News about commercial airlines, including regulations, aircraft orders, safety, acquisitions, and mergers.

Virgin Atlantic Creditors OK £1.2B Restructuring Plan

All four classes of creditors vote in favor of Virgin Atlantic recapitalization. 

2024 Corporate Aviation Leadership Summit

Hanneke Weitering

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

Archer plans demo flight at 2025 World Expo in Osaka

JAL/Sumitomo Subsidiary Soracle To Operate Archer’s eVTOL in Japan

Charles Alcock

New developments at airports including regulations and noise issues; legal disputes; openings, acquisitions and mergers.

Britain's new government is under pressure to invest in public infrastructure

How Regional Air Mobility Could Boost the UK's Strained Transport Network

News about environmental issues relating to aircraft operations, including noise issues, emissisions, and regulations. See Fuel for biofuel.

Danish charter and scheduled operator could buy up to 15 of the electric seaplanes

Nordic Seaplanes Signs for Elfly's Noemi Electric Amphibious Aircraft

Odys' blown-wing design is being developed for both uncrewed freighter and piloted airliner roles

Fiji Airways Plans To Connect Pacific Islands with Laila VTOL

Scotland-based regional airline aims to achieve zero carbon emissions

Loganair and Heart Team To Decarbonize UK Domestic Flights

UK green start-up airline wants to operate domestic services with zero carbon emissions

Ecojet Plans To Operate Arc Aerosystems' Linx P9 Hybrid Helicopter

Cathy Buyck

News and issues relating to international air transport and cargo carriers, national airlines and regional airlines, including aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

The Boeing electronic flight bag solution will support the low-cost carrier’s 737NG and Max fleet

Ryanair to Use Jeppesen FliteDeck Pro 5.0 EFB 

News and developments about aircraft engines, including turbofan, turboprop, turboshaft and piston.

More In Airlines