News broke this afternoon that Sir Richard Branson is reportedly looking to sell the iconic airline Virgin Atlantic.
Delta — which owns a 49% stake in VS — elected to not give Virgin any financial help. Indeed, Virgin still owes Delta $200 million.
All this comes after Ryanair CEO Michael O’Leary accused Mr. Branson of trying to “fleece” British taxpayers. Virgin Atlantic asked for a government loan to help keep his airline afloat. Mr. Branson even offered his famous Necker Island home as collateral. (For what it’s worth, Virgin Australia entered voluntary administration earlier this week.)
But according to the Sunday Telegraph, “the pursuit of a £500m government package has been effectively shelved and that the airline is now focused on securing new private investment in the shadow of potential insolvency.”
The Telegraph adds there’s an “end-of-May deadline to save the airline from collapse.”
Well. This certainly is interesting.
No word how — if at all — this would affect Delta’s ownership stake.
It certainly would seem strange not having Richard Branson own Virgin Atlantic because he’s so linked with the company and its product.
Update: this post has been corrected to indicate Virgin Australia entered voluntary administration.
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