Virgin Atlantic secures more financial backing from Delta

Sunday, 14 Dec, 2021 0

Virgin Atlantic Airways has announced £400m new investment from shareholders, Virgin Group and Delta Air Lines.

The airline targets a return to sustainable profitability from 2023, driven by a recovery in air travel demand.

It cites more than £300m of cost savings already delivered.

Supported by shareholders and creditors, the airline says it will benefit from pent up customer demand and strong trading for Easter and summer 2022.

"Together with our people, we have proven that we have what it takes to emerge a stronger airline. Throughout, our shareholders Virgin Group and Delta Air Lines, and our creditors, have been a source of unwavering support," Shai Weiss, CEO Virgin Atlantic, said.

The airline will have fully financed new aircraft deliveries through Q2 2024, which is on track to reach a 100% next generation, fuel efficient fleet in early 2027.

Ed Bastian, CEO, Delta Air Lines, said: "Virgin Atlantic’s business has transformed, allowing them to emerge from the pandemic a stronger airline. Together, more customers will be able to take advantage of the many benefits our strategic partnership offers, including a route network serving more than 350 cities in North America, Europe and the UK."

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