Virgin Atlantic to secure backing for £1B aid deal - report

Saturday, 11. July 2020 20:37

Virgin Atlantic will try to secure the support from American financial company First Data for a £1 billion deal to help the company through the crisis caused by the coronavirus pandemic, Sky News reported on Saturday.

Sir Richard Branson's airline hopes that First Data will agree to endorse its restructuring and bind their deal to the income generated through future bookings.

Virgin Atlantic was forced to cut more than 3,000 jobs and to sell 31% of its stakes to Air France-KLM to make up for the losses caused by the pandemic.

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Breaking the News / JR