Breaking: Virgin Atlantic Declares Bankruptcy

by Zoe

Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday. This is the second airline within billionaire Richard Branson’s Virgin Group to file for bankruptcy protection this year after Virgin Australia filed for voluntary administration in Australia back in April.

Virgin Atlantic is 49% owned by Delta Air Lines and was forced to ground all passenger operations in April. The London based airline returned to the skies in July, but travel restrictions have hampered the recovery. Delta CEO Ed Bastian has previously stated that Delta will not offer a cash injection to save Virgin Atlantic from bankruptcy, according to Business Insider.

Virgin Atlantic said it would cut over 3,000 jobs in May.

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