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Virgin Atlantic Airline planes in Manchester Airport on June 8. Photo: Oli Scarff/AFP via Getty Images

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.

Go deeper: Airlines' social distancing policies are starting to separate their stock prices

Go deeper

Airlines begin mass layoffs while clinging to hope for federal aid

Photo: Thierry Monasse/Getty Images

American Airlines and United Airlines said they will begin furloughing 32,000 employees Thursday, as federal aid that propped up the industry during the pandemic expires, with no deal in sight for an extension.

Why it matters: As many as 50,000 workers across the industry face immediate job losses unless lawmakers and the White House can agree on a broader pandemic-relief package that includes more federal aid for airlines.

8 mins ago - Sports

Olympians avoiding COVID at all costs ahead of Beijing Games

Illustration: Annelise Capossela/Axios

10 days out from the Olympics, athletes around the world are battening down the hatches in hopes of making it to Beijing COVID-free.

Why it matters: The Beijing bubble — a closed-loop system meant to shut off the outside world entirely — is the strictest ever created for a global sporting event.

12 mins ago - World

DOJ's China Initiative under scrutiny as cases fall apart

Illustration: Annelise Capossela/Axios

The tide of public opinion may be turning against the Justice Department's China Initiative, as more cases fall apart and more of the researchers charged are speaking out.

The big picture: Chinese government-linked economic and industrial espionage in the United States is a real concern, but the China Initiative's flaws may be overshadowing the problem it was intended to address.