The UK High Court has stated that the airline company Virgin Atlantic will be on the brink of bankruptcy if its creditors do not approve an agreement of 1.2 billion Pounds Sterling to save the company.
According to the airline’s lawyers said that although the company in a good condition, if this money is not injected in the company it will be in a critical position.
The company is also seeking approval in the US for protection in order to protect its assets in the USA. Virgin Atlantic, like many other airlines worldwide, has been dealt a severe blow by the global pandemic situation.
Unless the company receives this substantial financial injection it will go bankrupt by the end of September.