coronavirus pandemic.The airline, which is 51% owned by Branson's Virgin Group and 49% by U.S. airline Delta, filed for bankruptcy in the southern district of New York today.
In the filing, the airline said it has negotiated a deal with stakeholders "for a consensual recapitalisation" that will get debt off its balance sheet and "immediately position it for sustainable long-term growth."The U.S.
filing is in addition to a proceeding filed in a British court, where Virgin Atlantic obtained approval to convene meetings of affected creditors.A Virgin Atlantic spokesman said the restructuring plan was before a British court "to secure approval from all relevant creditors before implementation."The U.S.