Virgin Atlantic gets funding offers, renews plea for UK aid

Virgin Atlantic Airways is seeking UK government support for a revised rescue package after attracting private offers for hundreds of millions of pounds in funding, people with knowledge of the situation said. The cash-strapped carrier is waiting to hear whether Britain will provide guarantees for proposals including a revolving credit facility, the people said, asking not to be named as the talks are private. CEO Shai Weiss’s pitch to potential backers led to offers from more than one financial institution, the people said. Virgin Atlantic’s lack of an investment-grade credit rating means it can’t tap Britain’s main Covid Corporate Financing Facility. The Department for Transport told the carrier it should seek private funding, including from founder Richard Branson, before the government would consider underwriting a bespoke package. While the 69-year-old billionaire has pledged more cash, the airline also needs an outside investor to secure its survival. Virgin Atlantic said it’s exploring all options for obtaining external funding. “Constructive discussions with a number of stakeholders are progressing,” a spokeswoman said. “Meanwhile the airline remains in a stable position.”<br/>