Virgin Atlantic Files For Bankruptcy as Covid Continues To Hurt Airlines
Airline seeks protection under US's bankruptcy code, allowing it to shield assets in the country
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Virgin Atlantic has declared itself bankrupt and is seeking protection from creditors in the US, 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. The announcement comes little more than a month after Virgin Atlantic announced it had secured funding to survive for another 18 months.
Virgin Atlantic flies only long-haul international routes and suspended flights in April due to the coronavirus pandemic.
The bankruptcy is the second from a Virgin...
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