Richard Branson’s Virgin Atlantic in talks to raise more than $900m

Virgin Atlantic is talking to Deutsche Bank, among other institutions, about raising some GBP750m to help it weather the drop in demand brought on by the coronavirus pandemic, according to a person familiar with the matter. The German bank is among a group of around a dozen institutions, mainly private-equity firms, that Virgin Atlantic is talking to this week and next, this person said. Deutsche Bank declined to comment. Virgin Atlantic is looking for around GBP750m, though this figure could include any loans that the British government offers. Virgin Atlantic has been negotiating with the British government over rescue funding. The UK Treasury declined to comment on Virgin Atlantic. It has become harder for Virgin Atlantic to gauge exactly how much money it will need after the UK government said over the weekend it is looking at imposing a 14-day quarantine on anybody seeking to enter Britain. Airlines say this will stop many people from traveling to the UK, making their ability to recover from the pandemic even more difficult. Virgin Atlantic has told those it is speaking to that it wants one, or a few, key lenders or investors that can provide all the funds, rather than several institutions, according to the people familiar with the matter. The airline is talking to these groups about a variety of different types of financing, including equity investments, convertible bonds and other types of debt, one of these people said.<br/>