Virgin Atlantic plans to cut 1,150 more jobs and has completed its £1.2billion rescue deal, the airline said.

The news means the airline survives, for now, having previously said it would run out of cash altogether this month without a deal being signed off.

Chief executive Shai Weiss said: "Together, we have achieved what many thought impossible and that is down to the efforts and sacrifices of so many across the company.

"The completion of the private-only, solvent recapitalisation of Virgin Atlantic removes much of the uncertainty we faced and represents a major step forward in our fight for survival.

"We greatly appreciate the support of our shareholders, creditors and new private investors and together, we will ensure that the airline continues to provide vital connectivity and competition."

Virgin's deal means the airline can keep flying




The airline has previously insisted that without a "solvent recapitalisation" its directors would have "no choice" but to place it into administration, which would "result in a poor outcome for the company's creditors".

Virgin Atlantic has said it does not expect demand for air travel to return to pre-pandemic levels until 2023.

In May it announced it would shrink its operations, including closing its Gatwick base and cutting 3,550 jobs.