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Virgin Atlantic has declared itself bankrupt and is seeking protection from creditors in the United States, according to a court filing in New York on Tuesday. The airline is seeking the protection under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country. Virgin Atlantic’s filing in the US bankruptcy court in the southern district of New York said it has 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”. On Tuesday the airline also filed a proceeding in the high court in London, where Virgin Atlantic obtained approva... Full story

4 August