United Kingdom
United States
Asia Pacific
Branson to sell stake in space tourism group to rescue Virgin Atlantic
Sir Richard Branson is to sell his stake in space tourism group Virgin Galactic to raise $500 million to pump into his other businesses, including Virgin Atlantic.
The billionaire has been criticised for seeking a Government loan to prop up the airline, of which US carrier Delta Air Lines owns 49% and the rest is in the hands of the Virgin Group.
Branson had earlier suggested he could mortgage his Caribbean island Neckar to use as collateral for a Government loan. Talks with ministers are continuing, but it is understood that a loan would only be forthcoming if Virgin has exhausted all other funding options.
Virgin Atlantic has announced plans to shed more than 3,000 jobs and revealed last week that it won’t resume flights from Gatwick after the lockdown in an attempt to cut costs.
The airline is also believed to have hired restructuring specialists Alvarez and Marsal to draw up contingency plans in case of insolvency.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Boy falls to death on cruise ship
Turkish Airlines flight in emergency landing after pilot dies
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel