Wednesday, 30 September, 2020

Coronavirus: Branson to sell Galactic stake to prop up Virgin



Graphic copyright
Reuters

Sir Richard Branson is promoting a stake in Virgin Galactic to raise $500m to prop up his other companies such as Virgin Atlantic.

The billionaire has been criticised for searching for money aid from the taxpayer for the airline.

Sir Richard will now to market a share of his area exploration company.

Virgin Group said it will use the proceeds to assistance its “leisure, holiday and vacation organizations” strike by “the unparalleled affect” of Covid-19.

  • Branson offers Caribbean island to safe Virgin bailout
  • Virgin Australia slumps into administration

Virgin Atlantic mentioned final 7 days it would slice far more than 3,000 work opportunities and conclusion its procedure at Gatwick.

Virgin’s Australian airline entered administration previous thirty day period.

The airline sector has been having difficulties as the coronavirus pandemic brought world wide journey practically to a halt.

In April, Sir Richard – who owns 51% of Virgin Atlantic – offered to put his luxurious Necker Island resort up as collateral to secure a Uk governing administration financial loan, believed to be all around £500m.



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