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B2B news & Stories

Virgin Airline Raises Money

Virgin Airline Raises Money

Slashed by the pandemic, Virgin Atlantic Airways plans to raise £160 million, according to a spokesman from Richard Branson’s airline.

The airway keeps boosting its financial status, she said, adding the most recent financing (£160 million) is a good support in 2021 as recovery is still slow-paced. Sale-leaseback of two Boeing 787s in the month of January has helped the company.

Sky News reported Branson’s Virgin Group will offer nearly £100 million and further £60 million would be provided later.

Last November, Virgin announced £1.2 billion rescue deal guaranteed the survival of the company despite unfavorable situation due to the Covid-19.

In 2020, the airline decided to reduce costs up to £335 million, said Shai Weiss CEO/Exec Dir at Virgin Atlantic Airways. The year also saw 4,650 job losses and fleet reduction.

Samira H.