[ad_1]
Richard Branson is looking for a buyer for Virgin Atlantic Airways as he struggles to secure a £ 500m ($ 618m) government bailout, the Telegraph reported.
Branson has set an end-of-May deadline to save the collapse of the UK airline and is focused on securing new private investments from more than 100 financial institutions, the newspaper said, quoting acquaintances.
“Houlihan Lokey has been appointed to assist the process, focusing on financing from the private sector,” said a Virgin Atlantic spokeswoman. “Talks with a number of stakeholders are ongoing and constructive, while the airline remains in a stable position.”
Virgin’s request for government aid has been effectively shelved, although negotiations could be revived if investment cannot be found elsewhere, the newspaper reported.
According to the report, around 50 investors have requested information and will be reduced to a handful of bidders. Centerbridge Partners, Cerberus Capital Management, Lansdowne Partners, Singapore’s Temasek sovereign wealth fund and Northill Capital are among those in the running.
Delta Air Lines, which owns a 49% stake in Virgin Atlantic and is consumed with its own pandemic-related problems, has already faced UK limits on foreign airline ownership, the chief executive of the American company, Ed Bastian.
Branson, 69, has become the highest-profile victim of a crisis in the airline industry that is only just beginning. Virgin Australia, another operator he founded, entered the administration last week after failing to obtain a state bailout.
