Virgin Atlantic completes £400m investment from Virgin Group and Delta Air Lines
Virgin Atlantic has announced the completion of a £400m new investment from its shareholders, Virgin Group and Delta Air Lines.
The investment positions Virgin Atlantic to emerge from the COVID-19 pandemic in a strong financial position, ready to capitalise on market opportunities as demand for travel returns. The airline also has a bolstered balance sheet, which will make it able to withstand a further downturn in air travel, should that occur.
Since the beginning of the COVID-19 pandemic, Virgin Atlantic has taken decisive action to reduce costs, preserve cash and raise capital/ With the full support of its shareholders and creditors, the airline is positioned for recovery, bolstered by the reopening of US borders in November, as it benefits from customers desire to travel and increased bookings for Easter and summer 2022.
Shai Weiss, CEO Virgin Atlantic, said: “Our story has been well documented during the pandemic. Together with our people, we have proven that we have what it takes to survive and to emerge a stronger airline. Throughout, our shareholders Virgin Group and Delta Air Lines have been a source of unwavering support. As our customers look to travel again to reconnect with their families, loved ones and business colleagues around the world, we look forward to working together towards our vision of becoming the most loved travel company and becoming sustainably profitable, serving our customers with Virgin flair for the next 37 years and beyond.”
Josh Bayliss, CEO of the Virgin Group, added: “Since 1984, Virgin Atlantic has been a cornerstone of the Virgin brand, flying millions of customers and providing essential competition. We are extremely grateful to the Virgin Atlantic team for its incredible tenacity and commitment, skilfully navigating the worst crisis ever to hit the travel industry. With the addition of new routes and a continuing focus on operating a cleaner, greener fleet, there is much to look forward to.”
Visit Virgin Atlantic to find out more.