Branson Clears Crucial Hurdle in Rescue of Virgin Atlantic
- Airline wins backing of creditors for $1.6 billion bailout
- Package now needs a sign-off by U.K. court on Sept. 2
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Billionaire Richard Branson cleared a crucial obstacle on the tortuous journey to rescue his flagship airline, hobbled by the coronavirus pandemic.
Virgin Atlantic Airways Ltd., founded and controlled by the serial entrepreneur, won creditor backing for a 1.2 billion-pound ($1.6 billion) bailout on Tuesday, paving the way for final approval at a court hearing next week.