Virgin Atlantic has filed for bankruptcy in the US, just one month after securing a £1.2billion rescue package to save jobs amid the coronavirus pandemic.
The airline, largely owned by billionaire Richard Branson, is seeking protection under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country.
The court filing said it had negotiated a deal with stakeholders "for a consensual recapitalization" that will get debt off its balance sheet and "immediately position it for sustainable long-term growth".
It comes after Virgin Australia filed for voluntary administration - a type of bankruptcy - in April. At the time, Sir Richard Branson said it was not the end for Virgin Australia but admitted it no