Virgin Active Gets Court OK For COVID Restructuring Vote

Law360, London (April 1, 2021, 4:29 PM BST) -- A judge has given Virgin Active the go-ahead to take its planned restructuring to creditors for approval, after the gym operator said it was facing mounting financial troubles due to the impact of the COVID pandemic.

High Court Judge Richard Snowden signed an order allowing Virgin Atlantic Active Holdings Ltd. and two other Virgin units to convene several meetings with their creditors on April 16. Without the restructuring, the Virgin companies say they will run out of money by May 17 and be forced to enter formal insolvency proceedings.

The judge had told the parties on Monday that he would permit...

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