Airlines an ‘easy bet’ to make: Capitalistpig Hedge Fund manager
Capitalistpig Hedge Fund manager Jonathan Hoenig on the state of the airline industry and the potential for a TikTok deal.
Virgin Atlantic said Friday it will cut 1,150 jobs after completing a $1.6-billion restructuring plan aimed at rebuilding the company during the travel downturn caused by the coronavirus pandemic.
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The deal had been approved by the High Court in London earlier this week, and was formally recognized by a U.S. court – the last step of the legal process in the long-haul carrier's efforts to rebuild its balance sheet and emerge from the financial crisis.
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“After the sacrifices so many of our people have made, further reducing the number of people we employ is heart-breaking but essential for survival,” Virgin Atlantic CEO Shai Weiss said. “I truly hope that as demand returns, we will see many members of our team returning to us."