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Virgin Atlantic creditors vote in favor of $1.6 billion rescue plan - Metro US

Virgin Atlantic creditors vote in favor of $1.6 billion rescue plan

Outbreak of the coronavirus disease (COVID-19) in Manchester

LONDON (Reuters) – Virgin Atlantic’s creditors on Tuesday voted in favor of a 1.2 billion pound ($1.6 billion) rescue plan, moving the airline a step closer to completing a restructuring deal designed to secure its future beyond the coronavirus crisis.

“Today, Virgin Atlantic has reached a significant milestone in safeguarding its future, securing the overwhelming support of all four creditor classes, including 99% support from trade creditors who voted in favor of the Plan,” a Virgin Atlantic spokeswoman said in a statement. 

($1 = 0.7624 pounds)

(Reporting by Alistair Smout, editing by Andy Bruce)

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