Virgin Atlantic declares bankruptcy after cutting over 3,000 jobs
British airline Virgin Atlantic filed for Chapter 15 bankruptcy on Tuesday as a result of the economic disruption set off by the coronavirus pandemic, Business Insider reports.
Why it matters: This is the second airline belonging to billionaire Richard Branson's Virgin Group to file for bankruptcy protection this year, following Virgin Australia's filing in April.
The bottom line: Delta, which owns 49% of Virgin Atlantic, has made it clear that it will not save the airline from potential bankruptcy restructuring with a cash injection, Insider reports. Virgin Atlantic said it would cut over 3,000 jobs in May.