Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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I agree on the old business class. The new club suite business class product is much better than Virgin (and much cheaper than Virgin’s middle ground product between first and business).
I’d actually say, only the qsuite is better than BA club suite
I'm gutted its rising. Hope for a cheaper RIs price to average down.
I'm gutted its rising. Hope for a cheaper RIs price to average down.
Good short term and hopefully long term but IAG still has to go through similar pain in the medium term. Hard to have confidence at the moment. Personally found business class on Virgin to New York far superior to BA.
Sentiment changes very quickly in the stock market.
Unfortunately for virgin alot of the their slots and business seem to be transatlantic us routes, which are usually some of the most valuable.
WHATAMESS (Whatalooser) .
I always found their flights to SA far superior to BA, whose business class is sub standard.
Be good for Iag and easyjet
80p lol good luck shorting
What you reckon we will be upto in the next few wks.
£2.50 be great
It looks like this is a stunt to protect their assets. They’ll be back.
However, they can’t make money in the best of times and I’m not convinced they have the right business model to get through this period of hardship.
Delta will just right it off, they’ve not been able to help them when they are clearly desperate for money
Don't fool yourself. The bad debt roll out from this will affect all. Confidence in airlines will collapse. Any vulture opportunism here willquickly be tainted by the fear of decay. What next for Delta who own 49% of Virgin Atlantic ??
Wow. Just seen this!
I thought the bailout/ new funding sorted them out.
Great news for BA. Really sad for UK aviation
Virgin Atlantic Airways seeks U.S. Chapter 15 bankruptcy protection
David Shepardson, Kate Holton
WASHINGTON/LONDON (Reuters) - Virgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday.
FILE PHOTO: Virgin Atlantic and TUI Airways aircraft are seen at Manchester Airport, following the outbreak of the coronavirus disease (COVID-19), Manchester, Britain, June 8, 2020. REUTERS/Phil Noble
Virgin Atlantic’s filing in U.S. bankruptcy court in the southern district of New York said it has negotiated a deal with stakeholders “for a consensual recapitalization” that will get debt off its balance sheet and “immediately position it for sustainable long-term growth.”
The U.S. filing is in addition to a proceeding filed in a British court, where Virgin Atlantic obtained approval Tuesday to convene meetings of affected creditors to vote on the plan on Aug. 25.
A Virgin Atlantic spokeswoman said the restructuring plan was before a British court “to secure approval from all relevant creditors before implementation.”
Bloomberg reported Virgin Atlantic told a London court it could run of money in September if a restructuring deal is not approved.
Non U.S.-companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the United States.
In July, the airline said its private deal with stakeholders eliminates the need for support from the British government that billionaire founder Richard Branson had sought. The reorganization is expected to be completed towards the end of this summer and be spread across the next 18 months.
The airline, 51% owned by Branson’s Virgin Group and 49% by U.S. airline Delta, closed its Gatwick base and cut more than 3,500 jobs to contend with the fallout from the COVID-19 pandemic, which has grounded planes and hammered demand for air travel.
It said it needed to recapitalize “to not only survive the exigent threats posed by the COVID-19 global pandemic but to thrive once the immediate global health crisis passes.”
In July, Virgin Atlantic said it has agreed a rescue deal with shareholders and creditors worth 1.2 billion pounds ($1.57 billion) to secure its future beyond the coronavirus crisis.