Coronavirus: Virgin Atlantic files for US bankruptcy protection in fight for survival – By Sky News Staff (Sky News) / Aug 5 2020
Lawyers for the crisis-hit airline say the move is required to make the terms of a proposed rescue package apply in America.
Virgin Atlantic has filed for bankruptcy protection in the US as part of its bid to survive the coronavirus pandemic that has devastated the aviation industry.
The airline, founded by the tycoon Sir Richard Branson, made the application under a section of the US bankruptcy code, which allows a foreign debtor to shield assets in the country.
The move was linked to a separate court process back in the UK, where the carrier is looking to secure approval from creditors for a restructuring plan aimed at safeguarding its future.
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