Virgin Atlantic to Fly Out of Bankruptcy

Virgin Atlantic Airways won U.K. court approval today for a 1.2-billion-pound ($1.6 billion) recapitalization plan, financed in part via Richard Branson selling down part of his stake in Virgin Galactic Holdings (NYSE: SPCE).

The British airline, which is owned by Branson's Virgin Group and Delta Air Lines (NYSE: DAL), is trying to restructure after being hit hard by a travel slump caused by the coronavirus. The company is reorganizing in the U.K. but also filed for Chapter 15 bankruptcy protection in the U.S. to make sure none of its creditors tried to file claims against it outside of U.K. jurisdiction.

Image source: Virgin Atlantic.

Source Fool.com