It doesn't mean they have gone brankrupt though..4 Aug 2020 23:25
..?I thought it was only to protect us assets from american vultures while they try to finalise the rescue package and just a legal move right now?
'Virgin Atlantic said it obtained an order from the court to convene four creditor meetings on Aug. 25 to vote on the restructuring as part of a process that will bind all debt classes to the rescue plan. The carrier said that creditors in three of the groups have agreed in advance to back it.
βWith support already secured from the majority of stakeholders, itβs expected that the restructuring plan and recapitalization will come into effect in September,β a spokeswoman said. βWe remain confident in the plan.β
The restructuring must be approved at a hearing scheduled for Sept. 2, after the creditor meetings, or will be placed into administration mid-month with any assets sold, David Allison, a lawyer for the company, told the court.'