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10 AUGUST 2020

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Article from BTNews 10 AUGUST 2020

Virgin flies on

In view of misleading press reports Virgin Atlantic has issued a strong statement once again outlining its financial situation and confirming limited services from Heathrow to Barbados, Hong Kong, Los Angeles and New York JFK from its Heathrow base.

For the time being in T2 Virgin is again flying from Heathrow. Image by William Derrickson

All upcoming flight and holiday bookings remain valid; Flying Club members can continue to earn and redeem their miles as usual; customers with cancellations can continue to request refunds and these are being processed.

The wording makes it very clear that the recapitalisation plan published in BTN 20 July is moving ahead as planned.

A Virgin Atlantic spokesperson said: “Virgin Atlantic attended court yesterday (4 August) as part of a solvent recapitalisation process under 26(A) of the UK Companies Act 2006. That process is proceeding with the support of the majority of our creditors.

“Following the UK hearing ancillary proceedings in support of the solvent recapitalisation were also filed in the US under their Chapter 15 process. These ancillary US proceedings have been commenced under provisions that allow US courts to recognise foreign restructuring processes”.

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.”

The next hurdle is a creditors meeting to vote on the Restructuring Plan on 25 August.

www.virginatlantic.com

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