Virgin Atlantic Woos Creditors to Seal $1.6 Billion Rescue
- Trade suppliers asked to back vital restructuring proposal
- Carrier battling to avoid collapse with 6,500 jobs at stake
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Virgin Atlantic Airways Ltd. is set to find out whether it has enough support from creditors for a 1.2 billion-pound ($1.6 billion) rescue or if it will need a judge to overrule them in order to stave off collapse.
The U.K. carrier founded and controlled by billionaire Richard Branson has already secured the backing of three creditor classes and is now seeking approval from the fourth, comprising trade suppliers, in a vote Tuesday.