Virgin Atlantic offers flexibility

Virgin Atlantic has resumed its service from Delhi and will start Mumbai operations from September 17, 2020. Alex McEwan, Country Manager – India, Virgin Atlantic, claims that bookings will now be more flexible for travel agents, as he simultaneously clears the air on the airline’s restructuring and recapitalisation plan.

Nisha Verma

This year marks 20 years of flying between UK and India for Virgin Atlantic. Expressing his pleasure on the feat, Alex McEwan, says, “We know many of our customers will be excited to reunite with friends and family, and we are looking forward to welcoming them on board, taking to the skies safely in true Virgin Atlantic style.”

Talking about expectations from the Indian market, McEwan comments, “We resumed flights to India from September 2, as we continue to build our network during the global pandemic. We have taken a big step forward in securing our future by launching a court-backed process as part of a solvent recapitalisation of the airline, with a restructuring plan that once approved and implemented, will keep Virgin Atlantic flying. The recapitalisation will deliver a refinancing package worth £1.2 billion over the next 18 months in addition to the self-help measures already taken.”

Elaborating on the matter, he says, “In order to complete the private-only, solvent recapitalisation of the airline, our restructuring plan is going through a court-sanctioned process under Part 26A of the UK Companies Act 2006. Virgin Atlantic has reached a significant milestone in safeguarding its future, securing the overwhelming support of all four creditor classes, including 99% support from trade creditors who voted in favour of the plan. Achieving this milestone puts Virgin Atlantic in a position to rebuild its balance sheet, restore customer confidence and welcome passengers back to the skies as soon as they are ready to travel. The US proceeding on September 3 is a continuance of the standard procedural steps available to Virgin Atlantic to protect its assets in the US jurisdiction while (i) Virgin Atlantic’s solvent recapitalisation is completed via the UK court process and (ii) then beyond, as the recapitalisation plan is enacted and delivered going forward. This is not a Chapter 11 bankruptcy filing; it is a filing which supports and recognises the solvent recapitalisation of the airline in the UK courts.”

Value additions

On August 24, Virgin Atlantic announced complimentary COVID-19 global insurance cover which will apply to all existing and new bookings for travel from August 24, 2020 up until March 31, 2021. “Our customers can now book with confidence and our endeavour is to provide additional peace of mind to them. All the additional measures and policies make our product offering stronger in the market and we have been promoting them among our travel trade partners, customers and club members through social media, our website and contact centre teams,” he shares.

 

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