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Virgin Atlantic Airlines files for bankruptcy protection in New York

Virgin Atlantic Airlines files for bankruptcy protection in New York

Virgin Atlantic has filed for bankruptcy in NY after telling a court in London it would run out of cash in September if a planned £1.2B rescue deal failed. The plans need approval from creditors under a court-sanctioned process. As part of that process the airline is also seeking protection under chapter 15 of the US bankruptcy code that enables a foreign debtor to shield assets in the country.

Kathy
Kathy
Robert_Clearwater
Robert_Clearwater 1 months

Maybe Virgin should restructure its business. I don't like the idea that these certain businesses should somehow never die, I say let them crash and burn. Case in point is I heard a radio conversation, one movie theater didn't change or adapt and now they are out of business, but this other movie theater had done a lot of updates and renovation and the leadership was responsive and they adapted, and they are still around. If your business doesn't have six to twelve months of outward cash flow and a hefty reduction plan, you have a house made of straw. I don't care if the airplanes go belly up, a new company will form and the world keeps turning.

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