Business
Virgin Atlantic files for bankruptcy in US, warns it is running out of cash as it seeks rescue deal approval – Sydney Morning Herald
Richard Branson’s Virgin Atlantic filed for Chapter 15 bankruptcy protection in the US and told a London court that it could fold next month unless it secures approval for a £1.2 billion rescue package.
Earlier, it told a London court that it will run out of cash next month unless it secures approval for a £1.2 billion ($2.2 billion) rescue package announced in July.
Without the funds, available cash will drop to about 49 million pounds by late September, below the 75 million pounds specified in bondholder contracts. That would require the sale of Heathrow airport slots against which the bonds are secured, forcing the carrier to fold.
Virgin Atlantic said it obtained an order from the court t…
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