Virgin Atlantic secures restructuring cash; Delta Air Lines COVID-19 update

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