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.
Virgin Atlantic has filed for bankruptcy protection in the US, whilst it waits for creditors to approve a restructuring, to survive the coronavirus pandemic.
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.
Intu is a corporate landlord that owns several large shopping centres, such as the Trafford Centre in Manchester. It leases the space in these centres to other companies, such as clothes and food retailers. The company entered into administration on Sunday 28 June 2020.
Following the collapse of Victoria’s Secret’s UK arm on 5 June, competition has broken out between prominent high street retailers Marks and Spencer (M&S) and Next in a bid to take control of the lingerie brand’s UK operations.
Travelodge’s proposed CVA sees the light of day as shareholders and creditors approve a restructuring plan to tackle the COVID-19 pandemic which saw most of its 550 hotels lose business.
The UK arm of American lingerie, clothing and beauty retailer Victoria’s Secret fell into administration on 5 June 2020, putting 800 jobs at risk and potentially jeopardising the longevity of its 25 UK stores.
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.
Insolvent airline Flybe owes law firms £100,000 in legal fees as a result of creditor claims, following its collapse on 5 March 2020.
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.