Virgin Atlantic creditors vote in favour of £1.2bn Covid rescue deal
Agreement designed to help airline survive another 18 months of travel turmoil
Virgin Atlantic said it has passed a “significant milestone” in securing the airline’s future, after a group of creditors voted overwhelmingly to back a £1.2bn rescue deal following the coronavirus crisis.
Ninety-nine per cent of the almost 200 trade creditors, each of whom is owed more than £50,000 by the airline, voted on Tuesday to approve the deal at a hearing at the high court in London. Virgin Atlantic needed to gain support equivalent to 75% of the overall outstanding value of money owed.