London (AFP)

The British airline Virgin Atlantic has obtained new financing of 160 million pounds from its shareholders, including the Virgin group, to hold out until a notable upturn in air traffic expected in the summer.

"We continue to strengthen our finances before the lifting of travel restrictions in the second quarter of 2021," said a spokesperson for the group in a statement received Monday by AFP.

"This financing of 160 million pounds makes it possible to be even more resistant in the face of a slow recovery in turnover in 2021", he adds.

This sum, which will inflate cash flow and reduce its debt, will be received in the form of loans from its shareholders and deferred payment of debts.

The Virgin group, of billionaire Richard Branson, will inject 100 million pounds.

It is the majority shareholder of Virgin Atlantic with 51% of the capital, Delta Air Lines owning the remaining 49%.

The financing follows a $ 230 million fundraising fund raised in January through the sale of two Boeing 787s, which the company will now lease.

The company believes it now has the necessary cash flow until the expected resumption of flights this summer, and even hopes to return to profit in 2022.

The airline expects, based on the timetable for lifting the restrictions announced by the government, that air travel will not resume until May 17, just before the summer period, which is crucial for the sector.

He notes that travelers are already making reservations for flights from the second quarter, thanks to the rapid rollout of vaccines in the UK and testing systems in place before boarding the plane.

Virgin Atlantic, which specializes in transatlantic flights, is one of the British companies that has suffered the most from the pandemic.

It even came close to bankruptcy before concluding a recapitalization plan of 1.2 billion pounds.

The company has cut 4,700 jobs while it had 10,000 before the pandemic.

On the other hand, its cargo division, which transports goods, recorded a record year in 2020 thanks to strong demand since the start of the health crisis from companies wishing to maintain their supply chain.

© 2021 AFP