Virgin Atlantic told to resubmit proposal for bailout package: FT

Business

Virgin Atlantic has been told to resubmit its proposal for a 500 million pound ($625.35 million) coronavirus bailout package after the UK government was left unimpressed with its initial bid, Financial Times reported (on.ft.com/2xD3Ee5) on Friday.

The airline had not done enough to show it had explored other options to bolster cash before asking for state aid, the newspaper added, citing one person familiar with the matter.

Virgin Atlantic, which is based in the UK and is 51% owned by Richard Branson’s Virgin group and 49% owned by U.S. airline Delta (DAL.N), last month asked the UK government for emergency financial help in addition to the coronavirus package made available to all British companies.

Virgin Atlantic did not respond to Reuters’ request for comment.

($1 = 0.7996 pounds)