UK court okays Virgin recap

Virgin Atlantic has had its recapitalisation, worth £1,2bn (R26,46bn) over the next 18 months, approved in a UK court and has launched a restructuring plan that will keep it flying and allow it to return to profitability by 2022.
VA predicts annual cost savings of £280m (R6,17bn) and a reduction in its fleet capital expenditure by £880m (R19,42bn) over the coming five years. The carrier will also cut another 1 150 jobs and ask 600 cabin crew to take voluntary separation packages.