Billionaire Richard Branson desires to discover a purchaser for Virgin Atlantic by the top of Could as talks to save lots of the airline from the coronavirus-spurred collapse have nonetheless not resulted in success, the Sunday Telegraph reported.
The troubled UK-based airline has reportedly employed funding financial institution Houlihan Lokey to safe the deal. The lender already has over 100 potential bidders, with round half of them asking for extra details about the provide.
In response to the information outlet, hedge fund Lansdowne Companions, Singapore wealth fund Temasek and Northill Capital, in addition to US based mostly corporations Centerbridge Companions and Cerberus Capital Administration, have proven curiosity within the deal.
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In distinction to the Sunday Telegraph’s declare that the £500 million lifeline for the troubled firm was “successfully shelved,” different British media mentioned that bailout talks with the UK authorities are nonetheless ongoing. The corporate may flip to the personal sector to boost some money because it considers all choices as a result of large prices of the coronavirus disaster.
As Covid-19 has hit the aviation sector laborious, halting most journey, Branson whose Virgin group has a 51 p.c stake within the UK-based service warned that it may go bust with out monetary assist. So as to persuade the UK authorities to greenlight a £500 million bailout request, the enterprise magnate provided his personal Caribbean island as collateral. Nevertheless, the transfer has been seen as “PR posturing” by some, whereas others pointed that it’s ridiculous for him to ask for taxpayer cash as he moved to the tax-free British Virgin Islands 14 years in the past.
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