The company, which is based in the United Kingdom, filed for Chapter 15 bankruptcy protection in New York on Tuesday, which shelters the US assets of foreign companies undergoing restructuring proceedings in their home country.
The US filing followed a UK court hearing earlier the same day, where Virgin Atlantic obtained approval to call a meeting of creditors on August 25 to vote on the restructuring plan.
"The process we have asked to be recognized [in the United States] is a solvent restructuring of an English company... under the English Companies Act," a spokesperson for the company said in a statement.
Virgin Atlantic last month unveiled a £1.2 billion ($1.5 billion) restructuring deal to keep the airline solvent just days before it resumed passenger flights. The plan has the support of shareholders, including Delta Air Lines (DAL), and existing creditors.
US hedge fund Davidson Kempner is providing £150 million ($188 million) in secured financing as part of the recapitalization plan, which Virgin Atlantic said will come into effect next month. Richard Branson's Virgin Group is contributing £200 million ($262 million).
"We remain confident in the plan," the Virgin Atlantic spokesperson added.
Virgin Atlantic has already laid off 3,550 staff and closed its base at London's Gatwick airport, as aviation suffers its worst downturn ever because of the coronavirus pandemic.
Sister company Virgin Australia on Wednesday announced a sweeping restructuring plan under new owner, Bain Capital. The airline is slashing 3,000 jobs, or about a third of its workforce, and discontinuing its low-cost carrier, Tigerair Australia.
Global air travel isn't expected to fully recover from the coronavirus pandemic until 2024, according to the International Air Transport Association, which represents 290 airlines. The group blamed the sluggish recovery on several factors, including a lack of consumer confidence, the decline in business travel, and fresh coronavirus spikes in the United States and elsewhere.
—Michelle Toh contributed to this report
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Thank you for reaching out to us. We are happy to receive your opinion and request. If you need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.
We will also try as much as possible to optimize your post for search engines as well.
Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.
2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.
Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.
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For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to omodjk(at)gmail(dot)com
Normally, we should respond within 48 hours.