Last month, Virgin Atlantic was desperately trying to get creditors to agree to reductions and instalment repayments to avoid running out of money and entering administration. It has emerged that the High Court has approved the company’s £1.2bn rescue package based on evidence that the airline would be bankrupt by the end of September without support.
The COVID-19 pandemic has rocked the footballing world. Project Restart heralded the return of football to our screens, but only for the top two English leagues. Despite being in England’s second tier, Wigan have succumbed to administration. The story is not as simple as it seems however, as there exist extremely suspicious circumstances surrounding Wigan’s demise.
102-year-old car rental company Hertz has filed for Chapter 11 bankruptcy in the USA and Canada, due to a sharp reduction in global travel following the coronavirus outbreak.
Avianca is Latin America’s second-largest airline and the world’s second oldest airline. On 10 May the company filed for Chapter 11 bankruptcy in New York, where it is listed on the New York Stock Exchange, having failed to meet a $66m bond payment deadline. The airline’s plea for aid from the Columbian Government has so far been unsuccessful.