Virgin Atlantic Files For Bankruptcy

Drifter

Honorary Master
Joined
Dec 19, 2012
Messages
19,685
MMS 5th August
As the COVID-19 pandemic continues to wreak havoc on a global scale, Virgin Atlantic became the latest victim with the UK-based airline filing for bankruptcy in the US and seeking protection of assets under Chapter 15.

Earlier on in the year, Virgin Group’s Richard Branson had injected $200 million in a bid to rescue the then-struggling airline as part of an ambitious rescue deal said to be worth $1.2 billion.

Even though these punitive measures looked good on paper, little could be done to prevent massive loss and debt brought about by the many challenges facing international travel at a time when mass movement of people and cargo is virtually impossible.
Seemingly, other Virgin brands like the one based in Australia (and now owned by Bain capital) are potentially planning a massive job cut which would result in 3000 employees being let go.

Will the Virgin brands survive these turbulent economic times?

From a newsletter: www.morningmarketsummary.com

 
Top