Virgin Atlantic creditors to vote on US$1.6bil rescue plan

The airline, which is 51% owned by Richard Branson's (pic) Virgin Group and 49% by U.S. airline Delta, said it remains confident in the restructuring plan and is on track to finalise its solvent recapitalisation in the first week of September.

LONDON: Virgin Atlantic's creditors will vote on a 1.2 billion pound (US$1.6 billion) rescue plan on Tuesday 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 its future beyond the coronavirus crisis.