Virgin Atlantic Gets Green Light For COVID-19 Restructuring

Law360, London (September 2, 2020, 2:40 PM BST) -- Virgin Atlantic was given court approval on Wednesday for a restructuring plan that the airline company says will help pull it out of a liquidity crisis sparked by travel disruption caused by the COVID-19 pandemic.

Judge Richard Snowden said at a virtual hearing at the High Court that he will sign off Virgin Atlantic Airways Ltd.'s restructuring plan, which is part of a broader £1.2 billion ($1.6 billion) recapitalization and is supported by creditors. The judge said he will publish detailed reasons later this week, but his oral decision should allow the company to put its plan into effect by Sept....

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