Nearly 2,500 jobs are at risk if Virgin Actives British creditors block a restructuring of the gym chain part-owned by Sir Richard Branson.
Sky News has learnt that the company is drawing up contingency plans to appoint administrators by early June unless it convinces lenders and landlords to support a wide-ranging restructuring.
In documents circulated this week to creditors, Virgin Active said it hoped to complete a rescue deal in late April.
However, it said that if the restructuring was not implemented by the end of May, “the Plan Companies [a reference to the affected subsidiaries] consider (based on advice from Deloitte and its other professional advisers) that absent a prompt and significant liquidity injection they would have n…
Read the full article at: https://news.sky.com/story/virgin-active-warns-of-collapse-if-creditors-block-restructuring-plan-12243501