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Virgin Atlantic to clinch $1.5 billion rescue deal - Sky News

Virgin Atlantic's planes are seen parked at Manchester Airport, following the outbreak of the coronavirus disease (COVID-19), Manchester, Britain, May 9, 2020. REUTERS/Phil Noble

LONDON (Reuters) - British airline Virgin Atlantic is close to securing a 1.2 billion pound ($1.5 billion) rescue deal, Sky News reported on Tuesday, removing the medium-term chance of administration as a result of the coronavirus crisis.

The deal, which will involve backing from Richard Branson’s Virgin Group and hedge fund Davidson Kempner, could be confirmed later on Tuesday, Sky News said. A spokeswoman for Virgin Atlantic declined to comment on the report.

Reporting by Alistair Smout

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