LONDON: Virgin Atlantic Airways Ltd will begin pitching to potential investors today as it seeks to avoid collapse with air travel effectively grounded and the UK government reluctant to provide emergency funding, a person with knowledge of the situation said.
The talks follow the UK carrier’s appointment of restructuring specialist Alvarez & Marsal to develop contingency plans for a so-called pre-packaged administration should it fail to secure financial backing, according to the person, who asked not to be named discussing private matters.