Virgin Atlantic
- Thread starter Aviador
- Start date
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- Moderator
- #243
Virgin Atlantic will defer 6 A350 deliveries. More than 100 investors have been approached with reportedly 12 interested. CEO Shai Weiss hopes that the Treasury will provide loan guarantees to encourage private investors.
www.thetimes.co.uk
Virgin Atlantic’s Shai Weiss in last-ditch plea for help
Shai Weiss made the call he had long been dreading rom his home in Chelsea, west London. The chief executive of Virgin Atlantic joined about 9,000 staff on a conference call last Tuesday to announce that 3,150 would be losing their jobs.“It’s just heartbreaking, devastating, especially when our secr
www.thetimes.co.uk
- Moderator
- #244
Apparently Sir Richard is looking to sell a percentage of his stake in Virgin Galactica for £500m to prop up Virgin Atlantic.
I hope this is true - and also successful.
I hope this is true - and also successful.
- Moderator
- #245
From today's Travel Trade Gazette:
Virgin Atlantic will put its summer 2021 flying programme on sale this Saturday.
The services will operate from Heathrow, Manchester, Glasgow and Belfast.
The airline said "as countries start to lift travel restrictions and demand for travel begins to return" it expects to steadily increase passenger flying in the second half of this year, with a further, gradual recovery through 2021.
For summer next year, Virgin Atlantic intends to fly to 24 destinations on a fleet of wide-body, twin-engine aircraft comprising of A330-300s, 787-9s, A350-1000s, as well as A330-200s before they retire in early 2022 as planned.
Juha Jarvinen, chief commercial officer at Virgin Atlantic, said: "As the Covid-19 crisis stabilises and demand gradually returns, we are looking forward to welcoming our customers back and flying them safely to their favourite destinations.
"We have taken the opportunity to pause, reflect and reshape our 2021 flying programme looking at efficiencies in our fleet and connectivity across our network, to ensure it is fit for the future, flying to the destinations we know our customers love to fly.
"We’re delighted that our popular Tel Aviv service, which launched in September 2019, will now increase to double daily, while regional flying from Manchester, Glasgow and Belfast will continue to play an important part in offering choice to customers and connecting UK travellers to Orlando, Barbados, Atlanta, New York and Los Angeles."
Virgin Atlantic’s summer schedule begins on 28 March 2021.
Virgin Atlantic will put its summer 2021 flying programme on sale this Saturday.
The services will operate from Heathrow, Manchester, Glasgow and Belfast.
The airline said "as countries start to lift travel restrictions and demand for travel begins to return" it expects to steadily increase passenger flying in the second half of this year, with a further, gradual recovery through 2021.
For summer next year, Virgin Atlantic intends to fly to 24 destinations on a fleet of wide-body, twin-engine aircraft comprising of A330-300s, 787-9s, A350-1000s, as well as A330-200s before they retire in early 2022 as planned.
Juha Jarvinen, chief commercial officer at Virgin Atlantic, said: "As the Covid-19 crisis stabilises and demand gradually returns, we are looking forward to welcoming our customers back and flying them safely to their favourite destinations.
"We have taken the opportunity to pause, reflect and reshape our 2021 flying programme looking at efficiencies in our fleet and connectivity across our network, to ensure it is fit for the future, flying to the destinations we know our customers love to fly.
"We’re delighted that our popular Tel Aviv service, which launched in September 2019, will now increase to double daily, while regional flying from Manchester, Glasgow and Belfast will continue to play an important part in offering choice to customers and connecting UK travellers to Orlando, Barbados, Atlanta, New York and Los Angeles."
Virgin Atlantic’s summer schedule begins on 28 March 2021.
Sherburnflyer92
Well-Known Member
Worrying that the legalised criminals that call themselves Greybull are circling around Virgin Atlantic. I hope VA wake up and smell the bull s**t that this crap company will offer. I'd certainly be sticking two fingers up at these asset stripers.
A generous supply of PPE should be made available to Virgin Atlantic negotiators if they entangle themselves with Greybull Capital. Safer to invite the Trump Organisation, but only by a small margin.
- Moderator
- #248
They may not have a choice if the finances are really bad.
Any airline is a bad risk at this time so Greybull will either have second sight or an abundance of recklessness. I am sure Sir Richard will move mountains to keep his baby going even if it is vastly reduced in scale. The other shareholders may have differing views.
- Moderator
- #250
£1bn rescue deal “could be unveiled by Tuesday”
Wall Street hedge fund Davidson Kempner Capital Management is tipped to provide loans of up to £200 million, a figure to be matched by founder Sir Richard Branson after raising $500 million from the sale of a stake in space venture Virgin Galactic in May.
A further £400 million will come from the deferral of fees owed to the Virgin Group and the airline’s minority shareholder Delta Air Lines over the next three to five years.
Wall Street hedge fund Davidson Kempner Capital Management is tipped to provide loans of up to £200 million, a figure to be matched by founder Sir Richard Branson after raising $500 million from the sale of a stake in space venture Virgin Galactic in May.
A further £400 million will come from the deferral of fees owed to the Virgin Group and the airline’s minority shareholder Delta Air Lines over the next three to five years.
- Moderator
- #251
- Moderator
- #252
Good news!
Silvercity
Well-Known Member
Virgin Atlantic has filed for bankruptcy protection - here’s what it means if you have flights booked
By Claire Schofield
Wednesday, 5th August 2020, 4:48 pm
Updated7 minutes ago
Virgin is seeking protection from creditors in the US (Photo: Shutterstock)
Virgin Atlantic has filed for bankruptcy protection and could run out of money next month if creditors fail to approve a £1.2bn rescue deal, a London court has heard.
Lawyers for the airline have said that while Virgin is “fundamentally sound”, a restructuring and injection of cash is critical to securing its future.
As part of the process, Virgin is seeking protection from creditors in the US under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country.
Why has the airline filed for bankruptcy?
The file for bankruptcy protection comes after the travel industry was hard hit by the coronavirus pandemic, with the airline forced to ground thousands of its flights for several months.
As well as filing for US bankruptcy protection, in July the company agreed a rescue deal worth £1.2bn to secure its future for another 18 months.
The court in London heard that the airline’s finances would drop to “critical levels” by the middle of next month and would “run out of money altogether” by the week commencing 28 September.
Due to the plummet in passenger demand, the group is now “undergoing a liquidity crisis”, and without an injection of new money the company would have “no choice” but to enter into administration in mid-September.
David Allison QC, for Virgin Atlantic, told Mr Justice Trower in written submissions that the group had a “fundamentally sound business model which was not in any problems at all before the Covid-19 pandemic", but it has fallen into difficulties due to a drop in customer demand.
Mr Justice Trower gave the go-ahead for a meeting of creditors on 25 August.
Under the airline's restructuring plan, the Virgin Group will inject £200m with additional funds provided by investors and creditors.
In a statement on Wednesday (5 August), Virgin Atlantic said: "With support already secured from the majority of stakeholders, it's expected that the Restructuring Plan and recapitalisation will come into effect in September. We remain confident in the plan."
What happens if I have flights booked?
The airline is continuing to operate flights, although this is still on a limited schedule, and the application for bankruptcy protection has no direct implication on claiming money if a flight has been cancelled.
In the event flights are cancelled, travellers will be entitled to a full cash refund, including for any component of the same journey that has not been cancelled.
Customers who have booked the flight as part of a package, or with a credit card, will have their money protected.
While customers are entitled to full refund in the event of cancellation, some have been forced to wait up to four months before receiving their money. However, the airline vowed last week to improve the speed of its refund process.
Further information on claiming a refund can be found on the Virgin Atlantic website.
(Report from Falkirk Herald )
By Claire Schofield
Wednesday, 5th August 2020, 4:48 pm
Updated7 minutes ago
Virgin Atlantic has filed for bankruptcy protection and could run out of money next month if creditors fail to approve a £1.2bn rescue deal, a London court has heard.
Lawyers for the airline have said that while Virgin is “fundamentally sound”, a restructuring and injection of cash is critical to securing its future.
As part of the process, Virgin is seeking protection from creditors in the US under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country.
Why has the airline filed for bankruptcy?
The file for bankruptcy protection comes after the travel industry was hard hit by the coronavirus pandemic, with the airline forced to ground thousands of its flights for several months.
As well as filing for US bankruptcy protection, in July the company agreed a rescue deal worth £1.2bn to secure its future for another 18 months.
The court in London heard that the airline’s finances would drop to “critical levels” by the middle of next month and would “run out of money altogether” by the week commencing 28 September.
Due to the plummet in passenger demand, the group is now “undergoing a liquidity crisis”, and without an injection of new money the company would have “no choice” but to enter into administration in mid-September.
David Allison QC, for Virgin Atlantic, told Mr Justice Trower in written submissions that the group had a “fundamentally sound business model which was not in any problems at all before the Covid-19 pandemic", but it has fallen into difficulties due to a drop in customer demand.
Mr Justice Trower gave the go-ahead for a meeting of creditors on 25 August.
Under the airline's restructuring plan, the Virgin Group will inject £200m with additional funds provided by investors and creditors.
In a statement on Wednesday (5 August), Virgin Atlantic said: "With support already secured from the majority of stakeholders, it's expected that the Restructuring Plan and recapitalisation will come into effect in September. We remain confident in the plan."
What happens if I have flights booked?
The airline is continuing to operate flights, although this is still on a limited schedule, and the application for bankruptcy protection has no direct implication on claiming money if a flight has been cancelled.
In the event flights are cancelled, travellers will be entitled to a full cash refund, including for any component of the same journey that has not been cancelled.
Customers who have booked the flight as part of a package, or with a credit card, will have their money protected.
While customers are entitled to full refund in the event of cancellation, some have been forced to wait up to four months before receiving their money. However, the airline vowed last week to improve the speed of its refund process.
Further information on claiming a refund can be found on the Virgin Atlantic website.
(Report from Falkirk Herald )
Silvercity
Well-Known Member
Not looking very good for VS
- Moderator
- #255
This is only in the USA
View attachment 17061
View attachment 17061
- Moderator
- #256
UK's Virgin Atlantic looking to go public - report
Several daily Operator News updates covering all Operator Route Network changes, strategic fleet developments and aircraft orders, start-ups and bankruptcies, mergers and acquisitions and partnerships and alliances.
www.ch-aviation.com
Sources familiar with developments told SKY News that an announcement on an IPO could be made later this autumn with a listing to take place on the London Stock Exchange. Citi and Barclays have been hired to oversee the listing, they said.
- Moderator
- #257
Virgin Atlantic receives $528mn boost from shareholders
Several daily Operator News updates covering all Operator Route Network changes, strategic fleet developments and aircraft orders, start-ups and bankruptcies, mergers and acquisitions and partnerships and alliances.
www.ch-aviation.com
Virgin Atlantic VS, London Heathrow) is to emerge from the COVID-19 pandemic with a bolstered balance sheet following a fresh capital injection of GBP400 million pounds (USD528 million) from its shareholders Virgin Group and Delta Air Lines (DL, Atlanta Hartsfield Jackson).
The airline expects to return to sustainable profitability from 2023, driven by a recovery in air travel demand and more than GBP300 million (USD396 million) of cost savings that have already been delivered, it said in a statement. With enhanced liquidity, the company would be able to pay down debt.
Finger66
Well-Known Member
Logical move
- Moderator
- #260
Virgin Atlantic will officially join the Skyteam Alliance on 2/3/23
djsaviation.net
Virgin Atlantic Joining SkyTeam Soon - Dj's Aviation
Virgin Atlantic will join the SkyTeam alliance from March 2nd, 2023. It'll be an essential move for the airline to develop relationships.
djsaviation.net
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