Virgin Atlantic Deal May Save Airline from Closure

Sir Richard Branson ready to take off again
Credit: Melosh flickr

SIR RICHARD BRANSON has agreed the Virgin Group will inject £400 million (€440 million) of new cash into a £1.2 billion (€1.3 billion rescue plan to save the Virgin Atlantic Airline.

Creditors including shareholders, banks, aircraft owners and suppliers owed money were faced with a complete collapse of the airline by the beginning of September, so they have agreed the new plans.

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If approved by the High Court in London, the plan should allow Virgin Atlantic 18 months in which to recover.

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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.

Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.

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Source: euroweeklynews.com