About: http://data.cimple.eu/news-article/1322f2486053f0d2abd5148772fa175a141cc7837cf314030cf8292b

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About: http://data.cimple.eu/news-article/1322f2486053f0d2abd5148772fa175a141cc7837cf314030cf8292b Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Virgin Atlantic has applied for bankruptcy protection in the United States, court filings show, as the British airline -- which has not flown since April because of coronavirus -- seeks to tie up a rescue deal in the UK. The company -- part-owned by Richard Branson -- grounded its planes in April because of the pandemic but announced plans for private funding worth 1.2 billion pounds ($1.5 billion) in July, what it called a "major milestone towards securing its future." A court filing showed Virgin Atlantic sought Chapter 15 bankruptcy in New York on Tuesday, a move that would protect its US assets as a foreign debtor while it seeks approval in the UK from creditors for the rescue plan. In court proceedings currently underway in Britain, Virgin Atlantic was given approval on Tuesday to hold creditor meetings to vote on the rescue plan. The company has said it plans to slash annual costs by 280 million pounds per year and announced plans earlier in the year to axe more than 3,000 jobs as the pandemic grounded most of its fleet. Airlines globally have been slammed by the coronavirus pandemic, resulting in bailouts and thousands of job losses. The Virgin Group has been particularly hard hit, with Virgin Australia going into voluntary administration in April before it was snapped up by a US equity firm. It announced Wednesday it would close budget subsidiary Tigerair Australia and lay off 3,000 staff as it prepares to relaunch under the new owners. It would also continue the suspension of long-haul international flights and retire part of its fleet. tom/fox
schema:headline	Virgin Atlantic files for bankruptcy protection in US as virus bites
schema:mentions	Debtor Virgin Group Richard Branson Fox Creditor Stock Axe Bankruptcy Ebola virus disease Court New York City Pandemic United Kingdom United States Coronavirus Chapter 15, Title 11, United States Code Tigerair Australia Australian insolvency law Virgin Australia Virgin Atlantic
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-08-05 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)

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