As widely reported was to be the case, Virgin Atlantic has secured a refinancing package worth c.£1.2bn, which will be realised over the next 18 months. The recapitalisation package comes with a five-year restructuring plan, which has the full support of shareholders and investors, and aims to get the airline back to profitability by 2022. The refinancing package comprises £600 million from shareholders – which includes the £200 million from the Virgin Group – the deferral of c.£400million of shareholder deferrals and waivers, cost savings of c.£280 million per year and c.£880million rephasing and financing of aircraft deliveries over the next
This content is restricted to site members.
If you are an existing user, please login below.
New users may register below.