Virgin Atlantic has declared itself bankrupt and is seeking protection from creditors in the US, according to a court filing in New York on Tuesday.
The airline is seeking the protection under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country. The announcement comes little more than a month after Virgin Atlantic announced it had secured funding to survive for another 18 months.
Virgin Atlantic flies only long-haul international routes and suspended flights in April due to the coronavirus pandemic.
The bankruptcy is the second from a Virgin Group airline this year. Virgin Australia, the countrys second largest airline, went into administration in April, owing $6.8bn to more than 12,000 cr…
Read the full article at: https://www.theguardian.com/business/2020/aug/04/virgin-atlantic-files-for-bankruptcy-as-covid-continues-to-hurt-airlines
