The Business Daily of the Global Scheduled Airline Industry Since 1939 August 5, 2020 AIRLINES Inside: Virgin Atlantic Seeks Bankruptcy Protection In U.S. Court AIRFRAMERS KAREN WALKER,
[email protected] Third Boeing 777-9 Joins Flight Test Campaign PAGE 3 UK carrier Virgin Atlantic, which is 49% owned by Delta Air Lines, filed for bankruptcy AIRLINES protection in a New York court Aug. 4. EasyJet To Increase Capacity After The move comes just three weeks after Virgin announced a restructuring and financ- Better-Than-Expected Bookings PAGE 4 ing deal that seemed to secure the carrier’s future. Global Capacity Creeps Above 50% Virgin resumed scheduled passenger flights on July 20 after arranging a recapi- Of 2019 Level PAGE 5 talization deal worth around £1.2 billion ($1.5 billion) over 18 months. Shareholders Frontier Airlines Alerts Pilots, Flight Virgin Group and Delta provided around £600 million, including £200 million previously Attendants Of Potential Furloughs PAGE 6 announced by Virgin Group, partially raised from the sale of shares in the Virgin Galactic SUPPLIERS commercial space venture. Pratt & Whitney Lays Off 400 Employees According to Bloomberg, the restructuring plan needed Chapter 15 filing approval to In Singapore Units PAGE 6 ensure creditor support. REGULATORY/LEGISLATIVE Chapter 15 is a relatively new form of bankruptcy protection established in the U.S. in EASA Reminds Airports To Validate 2005 and specifically aimed at cases where the company is based outside the U.S. and Ground-Services Capabilities PAGE 7 operates in multiple countries. But it works in a similar way to Chapter 11, shielding the BANKRUPTCY, P.