In April, Virgin Atlantic, founded by Richard Branson, knew it had a problem. The Covid-19 pandemic left it looking at a staggering 98% drop in flight volumes for the second quarter. A liquidity crisis was emerging that could see cash levels breach the minimum threshold needed to keep operating by September. Initially Branson said the airline, still 51% owned by his Virgin Group with US carrier Delta holding the remaining 49%, might only survive with government support. Houlihan Lokey was hired as financial adviser to the company.
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