UK carrier Virgin Atlantic is to cut a further 1,150 jobs after formally securing court approvals for a restructuring plan which will unlock 1.2 billion ($1.6 billion) worth of refinancing.
The fresh cuts reflect the continued challenges in restoring international air travel amid the global pandemic, in particular the key transatlantic market, which represents around 70% of the UK carriers flying.
Based on the current outlook, the airline is planning to a scenario in which transatlantic flying from the UK doesnot extend beyond current skeleton operations until the beginning of 2021, the airline says.
Under this scenario it expects its fourth-quarter capacity to be around 25% of 2019 levels and warns revenues next year could be only …
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