Virgin Atlantic to cut 1,150 jobs after completing rescue deal  

On Friday, Virgin Atlantic announced that it would slash 1,150 jobs and put another 600 cabin crew on extended furlough due to a slow recovery in the global travel demand.

The British airline said that the U.S. court signed off the restructuring deal worth £1.2bn on Thursday night.

“Together, we have achieved what many thought impossible, and that is down to the efforts and sacrifices of so many across the company. The completion of the private-only, solvent recapitalization of Virgin Atlantic removes much of the uncertainty we faced and represents a major step forward in our fight for survival,” Virgin Atlantic’s Chief Executive Officer Shai Weiss stated.

“We greatly appreciate the support of our shareholders, creditors and new private investors, and together we will ensure that the airline continues to provide vital connectivity and competition,” he added.

Virgin Atlantic announced that it would start new routes to Pakistan in an attempt to revive the business.