Shareholders pour money into Virgin Atlantic

LONDON - Virgin Atlantic Airways has received 400m pounds in new investments from its shareholders, Virgin Group and Delta Air Lines.

"The investment positions Virgin Atlantic to emerge from the Covid-19 pandemic in a strong financial position and with a bolstered balance sheet, ready to capitalise on market opportunities as demand returns," Virgin Atlantic said in a statement.

The airline anticipates a return to sustainable profitability from 2023, driven by a recovery in air travel demand and more than 300m million of cost savings, already delivered.

The investment is split 204m pounds Virgin Group, 196m pounds Delta Air Lines -  the ownership structure remains unchanged; Virgin Group owns 51 percent of Virgin Atlantic, while Delta Air lines owns the remaining 49 percent share.