Virgin Atlantic has unveiled a £1.2 billion bailout package involving only private funds.

The plan to secure its future includes £200 million being provided by founder Sir Richard Branson’s Virgin Group.

Support has also been given by Delta Air Lines – which owns 49% of Virgin Atlantic – new private investors and existing creditors.

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The deal must secure approval from relevant creditors through a process introduced as part of Government reforms to corporate restructurings.

Virgin Atlantic chief executive Shai Weiss said: “Few could have predicted the scale of the Covid-19 crisis we have witnessed and undoubtedly, the last six months have been the toughest we have faced in our 36-year history.

“We have taken painful measures, but we have accomplished what many thought impossible.

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“The solvent recapitalisation of Virgin Atlantic will ensure that we can continue to provide vital connectivity and competition to consumers and businesses in Britain and beyond.

“We greatly appreciate the support of our shareholders, creditors and new private investors and together, we will ensure that Virgin Atlantic can emerge a sustainably profitable airline, with a healthy balance sheet.”