British billionaire Richard Branson is seeking a buyer for Virgin Atlantic Airways Ltd as he struggles to secure a ￡500 million (US$618.5 million) government bailout, the Daily Telegraph reported.
Branson has set a deadline for the end of next month to save the UK airline from collapse and is focused on securing new private investment from more than 100 financial institutions, the newspaper quoted people familiar with the matter as saying.
“Houlihan Lokey has been appointed to assist the process, focusing on private-sector funding,” a Virgin Atlantic spokeswoman said. “Discussions with a number of stakeholders continue and are constructive, meanwhile the airline remains in a stable position.”
Photo: Reuters
Virgin’s application for government aid has effectively been shelved, although negotiations could be revived if investment cannot be found elsewhere, the newspaper reported.
About 50 investors have asked for information and they would be narrowed down to a handful of bidders, the report said.
Centerbridge Partners LLC, Cerberus Capital Management LP, Lansdowne Partners LP, Singaporean sovereign wealth fund Temasek Holdings Pte and Northill Capital LLP are among those in the running.
Delta Air Lines Inc, which owns a 49 percent stake in Virgin Atlantic and is consumed with its own pandemic-related problems, has already bumped up against UK limits on foreign airline ownership, Delta chief executive officer Ed Bastian said on Thursday.
Virgin Australia Holdings Ltd, another carrier Branson founded, entered voluntary administration last week after failing to obtain a state bailout.
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