By Kanishka Singh
By Kanishka Singh
March 14 (Reuters) – British airline Virgin Atlantic, which
has been hammered by the COVID-19 pandemic like a lot of the
sector, is ready to lift 160 million kilos ($222.75 million) in
new financing, a spokeswoman for Richard Branson’s airline mentioned
in an emailed assertion.
“We proceed to bolster our stability sheet in anticipation of
the lifting of worldwide journey restrictions throughout the
second quarter of 2021”, the spokeswoman mentioned.
“This newest £160 million financing offers additional
resilience towards a slower income restoration in 2021”, she mentioned.
The most recent financing follows the airline’s completion in
January of the sale and leaseback of two Boeing 787s as
a part of a plan to strengthen its stability sheet.
The cope with Griffin International Asset Administration to lift simply
over $230 million from the 2 planes was meant to allow Virgin
Atlantic to repay a mortgage taken on as a part of its rescue deal
final yr.
Within the newest elevate, Branson’s Virgin Group is ready to
present about 100 million kilos and the remaining 60 million
kilos would come with deferrals, based on Sky Information, which
first reported the event.
In November, the corporate mentioned that its 1.2 billion pound
rescue deal secured two months prior meant that the airline can
survive even when the journey state of affairs have been to worsen.
Virgin reduce prices by 335 million kilos final yr, CEO Shai
Weiss informed an airline trade occasion in November. It had additionally
introduced 4,650 job losses throughout the pandemic, halving its
workforce, and shrank its fleet.
($1 = 0.7183 kilos)
(Reporting by Kanishka Singh in Bengaluru;
Enhancing by Bernadette Baum)
(([email protected]; +91 8061822801;))
Key phrases: HEALTH CORONAVIRUS/VIRGIN ATLANTIC
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