7 SEPTEMBER 2020
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As suggested in BTN 31 August Virgin Atlantic has confirmed the completion of the £1.2bn recapitalisation of the airline and holiday business.
CEO Shai Weiss summed up the situation as he looked forward to the future. “Together, we have achieved what many thought impossible and that is down to the efforts and sacrifices of so many across the company. The completion of the private-only, solvent recapitalisation of Virgin Atlantic removes much of the uncertainty we faced and represents a major step forward in our fight for survival. We greatly appreciate the support of our shareholders, creditors and new private investors and together, we will ensure that the airline continues to provide vital connectivity and competition.”
He also noted the further downsizing across the business, with a planned reduction of 1,150 jobs across all functions. Working closely with unions Unite and BALPA, a company-wide consultation period of 45 days has begun.
“After the sacrifices so many of our people have made, further reducing the number of people we employ is heart-breaking but essential for survival.”
He called for both UK and US governments to introduce robust passenger testing regimes to lift travel restrictions whilst protecting public health.
Mr Weis described as a skeleton operation the services now in place to Barbados, Delhi, Hong Kong, New York JFK, Los Angeles, Miami, Shanghai and Tel Aviv. (Full future restart programme listed in last week's BTN).
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