Virgin Atlantic to cut 1,000 more jobs as Ryanair calls on investors for 400 million euros

0
76


Virgin Atlantic Airways is set to cut 1,000 more jobs today under its £ 1.2 billion bailout deal, as the airline industry continues to suffer from the coronavirus pandemic.It comes as Ryanair last night sought to raise € 400m (£ 360m) from investors to bolster its finances ahead of the traditionally loss-making winter months.

Sir Richard Branson’s Virgin Atlantic, which he founded in 1984, is struggling with slower-than-expected demand for international travel, Sky News reported.

The airline has already cut 3,150 positions less than four months ago, as well as the closure of its base at Gatwick airport. The new cuts would mean Virgin Atlantic’s pre-pandemic workforce level of around 10,000 has now halved.

Meanwhile, Ryanair, Europe’s largest carrier, said it was going through the most difficult time in its history as the fallout from the pandemic continued to wreak havoc.

Ryanair will raise liquidity from institutional investors. The money would allow the carrier to “capitalize on important post-Covid-19 growth opportunities”, build up its cash reserves and repay debt, he said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here