Virgin Atlantic declares bankruptcy to rebound

Virgin Atlantic, the British airline created by Sir Richard Branson (who owns 51%), has just placed itself under Chapter XV protection of the bankruptcy law in the United States.

At a hearing in a London court on Tuesday, a Virgin Atlantic lawyer explained that the company could run out of cash by the end of September if its recapitalization plan is not validated, given the collapse of air traffic.

The stage of American Chapter XV is essential to be able to put in place the recapitalization plan in the United Kingdom. It protects foreign companies that hold assets in the United States from their creditors while they prepare for their restructuring in their home country. Several foreign companies have done the same in recent weeks: the Chilean Latam, the Colombian Avianca and Aeromexico.

3,000 jobs already deleted

Virgin Atlantic, in which Delta owns 49% of the capital, reached an agreement in principle with its

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