Virgin Atlantic close to securing a £1.2 billion rescue deal

(qlmbusinessnews.com via uk.reuters.com — Tue, 14th 2020) London, UK —

LONDON (Reuters) – British airline Virgin Atlantic is close to securing a 1.2 billion pound ($1.5 billion) rescue deal, Sky News reported on Tuesday, removing the medium-term chance of administration as a result of the coronavirus crisis.

The deal, which will involve backing from Richard Branson’s Virgin Group and hedge fund Davidson Kempner, could be confirmed later on Tuesday, Sky News said. A spokeswoman for Virgin Atlantic declined to comment on the report.

Reporting by Alistair Smout