Richard branson, Business magnate

London, April 26 British airline Virgin Atlantic was still talking with the UK government about a bailout package to cope with the devastating effects of the coronavirus pandemic on travel, a company spokesperson has said.It comes as a report claimed that founder Richard Branson was seeking a buyer for the airline and had set an end of May deadline for a sale, the Metro newspaper reprted on Sunday citing the Sunday Telegraph as saying.The report also claimed that talks with the government for a 500 million pounds ($618 million) bailout package had been "effectively shelved".But the airline's spokesperson said that it was incorrect to say that the company has set a deadline to seek a buyer."Because of significant costs to our business caused by unprecedented market conditions which the COVID-19 crisis has brought with it, we are exploring all available options to obtain additional external funding," she was quoted as saying by the newspaper.She said talks with the British government were "ongoing and constructive".Virgin Atlantic is based in Britain and is 51 per cent owned by Branson's Virgin group and 49 per cent owned by US airline Delta, reports the Metro newspaper.The pandemic has led to a massive fall in global air travel demand.Australia's second-biggest airline Virgin Australia Holdings, which is a part of Virgin Group, has already succumbed to third-party led restructuring that could lead to a sale.Last week, Branson had said that Virgin Atlantic would only survive the outbreak if it gets financial support from the UK government."This would be in the form of a commercial loan it wouldn't be free money and the airline would pay it back," Branson said in a blog post to staff on April 20.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Richard BransonFOLLOW

Richard branson, Latest News

International :Watch Video! Richard Branson’s 'Virgin Hyperloop' completes first test ride

Richard Branson’s Virgin Hyperloop has completed the world’s first passenger ride on a hyperloop pod. Virgin Hyperloop executives – ... ...

National :Delhi-based student lands research internship offer from over 10 world-famous universities

Achieving world-class education in a world-renowned university is every scholar's dream but is often marred by the cost of living and exorbitant tuition fees. ...

International :Virgin Atlantic 'still talking' with UK govt on bailout

British airline Virgin Atlantic was still talking with the UK government about a bailout package to cope with the devastating effects of the coronavirus pandemic on travel, a company spokesperson has said. ...