Virgin Atlantic creditors to vote on £1.2b rescue plan | Malay Mail

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LONDON, Aug 25 — Virgin Atlantic's creditors will vote on a £1.2 billion (RM6.56 billion) rescue plan today in a crucial test of the airline's ability to survive in an industry devastated by the Covid-19 pandemic. Virgin Atlantic agreed the deal with shareholders and creditors in July to secure...

Virgin Atlantic's planes are seen parked at Manchester Airport, following the outbreak of Covid-19 in Britain May 9, 2020. — Reuters pic

Virgin Atlantic agreed the deal with shareholders and creditors in July to secure its future beyond the coronavirus crisis. Today's vote of affected trade creditors includes nearly 200 suppliers that the airline owes more than 50,000 pounds to. It needs 75 per cent support of the overall outstanding value of money owed at a hearing at London's High Court.

 

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