Virgin Atlantic Wins Support of Creditors for Restructuring Plan

Virgin Atlantic has today won the support of its creditors over a 1.2 billion-pound ($1.58 billion) rescue package deal. The capital, only 400 million pounds of which is "new money," is supposed to keep the airline afloat for at least the next 18 months. Shareholders and suppliers to whom the airline previously owed money have backed the restructuring, meaning it is a step closer to implementation. The airline stated in a press release in July that it expected the plan…