Founder and owner of UK airline, Virgin Atlantic Airways, Richard Branson is struggling to secure a £500 million government bailout.
Branson has now reached out to stakeholders in an effort to obtain new private investment from more than 100 financial institutions and has reportedly set the end of May as deadline.
‘Discussions with a number of stakeholders continue and are constructive, meanwhile the airline remains in a stable position,’ a Virgin Atlantic spokeswoman said.
About 50 investors including Centerbridge Partners, Cerberus Capital Management, Lansdowne Partners, Singapore sovereign wealth fund Temasek and Northill Capital are among those which showed interest.
Delta Air Lines, which owns a 49% stake in Virgin Atlantic, has already bumped up against UK limits on foreign airline ownership, the US company’s CEO Ed Bastian said on Thursday.
Virgin Australia, also founded by Branson, entered administration last week after failing to obtain a state bailout.
Source: Fin24
Image: Instagram/Richard Branson
