The airline Virgin Atlantic has secured a rescue package worth 14 billion kronor to cope with the corona crisis, reports Sky News. 

Celebrity entrepreneur Richard Branson will contribute just over SEK 2.3 billion through his company Virgin Group. Another almost two billion will come from the hedge fund Davidson Kampner, while several more billion will come in through advance payments and deferrals.

A savings package of 2.3 billion kronor is also included in the amount. The savings package includes layoffs of around 3,000 people, a reduced aircraft fleet and the retirement of older models such as the Boeing 747. Virgin's plane is still on the ground, but is due to take to the air on July 20.

Source: TT