Virgin Atlantic receives $530 million investment from shareholders

Virgin Atlantic said on Monday it had received ₤400 million ($530 million) of new investment from its shareholders, Virgin Group and Delta Air Lines, to bolster its balance sheet and pay down debt.

The investment, designed to help Virgin recover from the pandemic, is split ₤204 million from Virgin and the rest from Delta, with the ownership structure remaining unchanged. Richard Branson’s Virgin Group owns 51 per cent.

Virgin, which flies the highly profitable US to UK route, had to fight for its survival last year as its planes remained grounded for months.

It raised cash, including a 1.2 billion pound rescue deal, and axed almost half of its staff to cut costs.