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Coronavirus: Virgin Atlantic finalises £1.2bn rescue plan

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Virgin Atlantic saw passenger numbers slump as countries closed borders and brought in travel bans

Troubled airline Virgin Atlantic has finalised a rescue deal worth £1.2bn.

The package includes support from its main shareholder, Virgin Group, and loans from outside investors.

It also includes deferring hundreds of millions of pounds owed both to Virgin Group and to fellow shareholder Delta Air Lines.

Virgin Atlantic had initially hoped to obtain emergency funding from the government, but ministers said any subsidies would be a last resort.

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