Virgin Group founder Richard Branson is set to inject USD249 million (€220 million) into Virgin Atlantic, to help its survival amidst the coronavirus pandemic.
The injection is the result of selling shares in space tourism venture Virgin Galactic, and will form part of a larger Virgin Atlantic rescue package which is reportedly worth up USD1.12 billion (€995 million).
The rescue package also reportedly includes contributions from its two major shareholders, Virgin Group and Delta Air Lines, while Virgin Atlantic continues to strive for additional funding from outside investors, including hedge funds Elliott and Davidson Kempner Capital and private equity group Centerbridge Partners, with talks expected to conclude next week.
