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Virgin Atlantic secures $1.5 bln bailout

Not so long ago Richard Branson’s Virgin Atlantic was looking forward to growing again.

Now it just wants to survive.

Tuesday (July 14) saw the airline secure a 1.5 billion dollar bailout.

And it’s not a government-funded rescue - something Branson had earlier said was essential.

Instead, Virgin says it’s an all-private deal with its shareholders and creditors.

It’s expected to come into effect later in the summer.

The airline has had to close its base at London’s Gatwick Airport, and cut over 3,500 jobs.

As part of the deal, Branson’s broader Virgin Group will put in about 250 million dollars.

It owns 51% of the airline, with U.S. carrier Delta owning the other 49%.

Virgin now plans to restart flights on July 20, and hopes to be back in profit from 2022.