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Virgin Atlantic Airways seeks U.S. Chapter 15 bankruptcy protection

1 month ago   |   By National Post

Virgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday.
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What is Chapter 15 bankruptcy? Here's what to know about the obscure protection Virgin Atlantic is seeking

What is Chapter 15 bankruptcy? Here's what to know about the obscure protection Virgin Atlantic is seeking

1 month ago   |   By Business Insider

Virgin Atlantic filed for protection under Chapter 15 of the US Bankruptcy Code on Tuesday .
Chapter 15 is a mechanism that allows US and foreign bankruptcy courts to coordinate and collaborate when assets are spread over multiple countries.
It usually accompanies a bankruptcy case in the filer's home country. In Virgin Atlantic's case, the Chapter 15 protection comes as the airline works to finalize a private rescue plan with the support of the UK court system.
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Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday...
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Richard Branson's Virgin Atlantic is seeking Chapter 15 bankruptcy protection in the US while it scrambles to finalize a rescue plan

Richard Branson's Virgin Atlantic is seeking Chapter 15 bankruptcy protection in the US while it scrambles to finalize a rescue plan

1 month ago   |   By Business Insider

Richard Branson's Virgin Atlantic airline filed for Chapter 15 bankruptcy protection in New York on Tuesday.
The airline, which flies only long-haul international routes, suspended passenger flights in April because of the coronavirus pandemic. It resumed them in July, despite little demand for international travel.
The airline, 49% of which is owned by Delta , has cut more than 3,000 jobs, retired some planes, and closed bases to cut costs during the pandemic.
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Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday, part...
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