High Court in London backs Virgin Atlantics rescue plan – kwwl.com

High Court in London backs Virgin Atlantics rescue plan – kwwl.com

LONDON (AP) — The U.K. High Court has approved Virgin Atlantic’s 1.2 billion pound ($1.6 billion) restructuring plan. allowing the international airline to continue rebuilding its operations after the devastation caused by the coronavirus pandemic. The matter must still be confirmed in a U.S. court on Thursday. The airline announced the refinancing package in July to ensure its survival after passenger numbers dropped 98% in the second quarter. It includes 600 million pounds of support from the airline’s owners, Virgin Group and Delta Airlines, 450 million pounds of deferred payments to creditors and 170 million pounds of financing from U.S.-based Davidson Kempner Capital Management LP. 

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