Richard Branson is seeking a buyer for Virgin Atlantic, according to The Telegraph.
This comes as Delta — which owns a 49% stake in Virgin Atlantic refused to give Virgin any financial help. Virgin still owes Delta $200 million.
All this comes as Ryanair CEO Michael O’Leary accused Mr. Branson of trying to “fleece” British taxpayers after Virgin Atlantic asked for a government loan to help keep his airline afloat. Mr. Branson even offered his famous Necker Island home as collateral.
Remember, Virgin Australia entered voluntary administration earlier this week.
But according to the Sunday Telegraph, “the pursuit of a £500m government package has been effectively shelved and that the airline is now focused on securing new private investment in the shadow of potential insolvency.”
The Telegraph adds there’s an “end-of-May deadline to save the airline from collapse.”
It certainly would seem strange not having Richard Branson own Virgin Atlantic because he’s so linked with the company and its product.
Sir Richard Branson has now set an end-of-May deadline to save the airline from collapse after a taxpayer bailout proved beyond his reach.
Houlihan Lokey, the investment bank hired by Virgin Atlantic, has sounded out more than 100 potential financial institutions, with “all options on the table”, sources said.
Roughly 50 potential investors have asked for information and will be whittled down to a handful of bidders.