While announcing the completion of a £1.2bn rescue plan, Virgin Atlantic has unveiled a range of steps it will be taking to protect the business
Gatwick-based carrier Virgin Atlantic has filed for bankruptcy protection in a United States court as it tries to survive the COVID-19 pandemic – but it doesn’t mean it’s the end of the road for the carrier.
Virgin Atlantic has revealed plans to cut up to a third of its workforce, ground its Boeing 747s immediately and close its Gatwick base as the airline scales back its operations in a bid to secure its future amid the COVID-19 pandemic.
The UK chancellor has told airlines and airports not to expect an industry-wide bailout but instead that rescue deals would be formed on an individual basis. Rishi Sunak wrote to airlines yesterday (March 24) detailing that extra measures for the industry would only be used “as a last resort”.