Virgin Atlantic agrees private-only $1.5 billion restructuring plan

A Virgin Atlantic plane taxis past a Delta plane at John F. Kennedy International Airport in N.Y.
Daniel Acker | Bloomberg | Getty Images

British airline Virgin Atlantic said on Tuesday it had agreed a private-only restructuring package with shareholders and creditors worth £1.2 billion ($1.5 billion) to secure its future beyond the coronavirus crisis.

Virgin Atlantic said the restructuring plan was supported by a majority of shareholders, and is expected to come into effect in late summer 2020.