Virgin Atlantic’s co-owner raises spectre of administration

The co-owner of Virgin Atlantic Airways said it’s unable to invest more in Richard Branson’s struggling UK airline, and raised the possibility it could face going through insolvency proceedings. Delta Air Lines, which owns a 49% stake in Virgin Atlantic, can’t help out because it’s consumed with its own problems and has already bumped up against UK limits on foreign airline ownership, CE Ed Bastian said Thursday. “With our crisis in cash, we need to protect our own business. That’s where our focus is,” Bastian said. “If they are required to go through an administration process in the UK, I’m confident they could re-emerge.” The blunt commentary offers a window into the peril facing Branson, who’s swiftly become the highest-profile victim of an airline-industry crisis that’s only just getting started. <br/>