Virgin Atlantic suitors narrow with clock ticking on new funding

Virgin Atlantic’s lineup of potential backers has narrowed as Richard Branson’s airline races the clock to secure a bailout, people with knowledge of the situation said. CEO Shai Weiss made follow-up presentations to four remaining interested parties over the weekend, according to the people, who asked not to be named discussing a private matter. Virgin Atlantic pitched its plans for surviving the coronavirus crisis to a dozen firms earlier this month. The airline is seeking to pin down emergency funding in the next two to three weeks, with restructuring specialist Alvarez & Marsal continuing to work on a so-called pre-packaged administration should it fail to secure support, the people said. The trans-Atlantic specialist’s survival plan is based on securing around $925m to shore up liquidity. In addition, the rescue package would include an injection from founder Branson, and guarantees for credit card receipts, the people said. In an email, Virgin Atlantic said it’s “exploring all available options” to obtain external funding. <br/>