Virgin Atlantic in the US files for bankruptcy

Virgin Atlantic could face enforcement action over refund delays ...



Virgin Atlantic has filed for bankruptcy in the United States as the global airline industry reels due to coronavirus pandemic.

The company, which is based in the United Kingdom, filed for Chapter 15 bankruptcy protection in New York on Tuesday. That enables a foreign debtor to shield assets in the country.
In July Virgin Atlantic received a £1.2 billion ($1.5 billion) rescue deal to keep the airline solvent just days before it was due to resume operations.
    The carrier said that the recapitalization plan would be deployed over 18 months and has the support of shareholders, new investors and existing creditors.
    Virgin Atlantic could not be reached immediately for comment Tuesday evening.
      Global air travel isn't expected to fully recover from the downturn until 2024, according to the International Air Transport Association, which represents 290 airlines. The group blamed the sluggish recovery on several factors, including a lack of consumer confidence, the decline in business travel, and fresh coronavirus spikes in the United States and elsewhere.

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