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Ash Willcroft • 2 months ago

Err...didn't Virgin get a bail-out just a few weeks ago?

Speakthetruth • 2 months ago

No, the UK Government and Ministers failed to financially support Virgin.
Deja Vu. Ground Hog Day. We have been here before with Thomas Cook last summer! And everyone knows what happened to Thomas Cook. Why hasn't the UK Government used its Project Birch company rescue scheme to take a public ownership stake in Virgin and financially support it through the COVID-19 Pandemic economic crisis?
Perhaps TW can ask Grant Shapps, now he has returned from his holiday in Spain and is self-isolating at his home in Hertfordshire.

Speakthetruth • 2 months ago

Virgin Atlantic has filed for bankruptcy in the US as part of its bid to survive the coronavirus pandemic that has devastated the aviation industry. The airline, founded by Sir Richard Branson, is seeking protection under a section of the US bankruptcy code, which allows a foreign debtor to shield assets in the country.
Deja Vu. Ground Hog Day. We have been here before with Thomas Cook last summer! And everyone knows what happened to Thomas Cook. Why hasn't the UK Government used its Project Birch company rescue scheme to take a public ownership stake in Virgin and financially support it through the COVID-19 Pandemic economic crisis? Perhaps TW can ask Grant Shapps, now he has returned from his holiday in Spain and is isolating at his home in Hertfordshire.

howardrd • 2 months ago

The Thomas Cook situation was different whereby it went under purely due to its own mismanagement (having already been bailed out several years earlier). It couldn't survive even in pre-COVID times so thankfully no public money was spent on staving off, what would have been, the inevitable.
Virgin Atlantic's current situation has been brought on due to the global COVID-19 pandemic - a situation that nobody in our industry had anticipated or planned for.. Being primarily a transatlantic operator, Virgin is even more affected given that the present restrictions on such travel seem likely to continue for some time.
Being an optimist it is worth noting that America;s "Big 3" airlines, Delta, United and American all filed the US domestic version of bankruptcy protection - Chapter 11 - and each are with us today. I sincerely hope that Virgin Atlantic achieves a similar outcome.