Airlines take-off

File photo dated 14/4/2020 of a Virgin Atlantic plane. The airline has announced plans for a refinancing package worth £1.2 billion to secure its future. The deal involves private funds. PA Photo. Issue date: Tuesday April 14, 2020. See PA story AIR Virgin. Photo credit should read: Steve Parsons/PA Wire

VIRGIN Atlantic has unveiled a £1.2 billion bailout package involving only private funds.

The plan to secure its future includes £200 million being provided by founder Sir Richard Branson’s Virgin Group.

Support has also been given by Delta Air Lines – which owns 49% of Virgin Atlantic – new private investors and existing creditors.

The deal must secure approval from relevant creditors through a process introduced as part of Government reforms to corporate restructurings. back in business has restarted their flights and holidays programme after suspending its operations for nearly four months.

Almost 50 flights are due to depart on Wednesday across seven airports in England and Scotland to destinations where travel restrictions have been eased, such as Spain, Turkey, Greece and Italy.

The airports served are Manchester, Birmingham, East Midlands, Leeds Bradford, Glasgow, Newcastle and London Stansted.

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