LONDON - Virgin Atlantic Airways will begin pitching to potential investors on Monday as it seeks to avoid collapse with air travel effectively grounded and the British government reluctant to provide emergency funding, a person with knowledge of the situation said.
The carrier founded by billionaire Richard Branson has enough cash to survive through the summer but is likely to have a better idea about its viability in the next week or two, including a bid to secure about £500 million in state support, according to the person. So-called pre-pack administration allows a business with a viable structure but unmanageable amounts of debt to make a fresh start.
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