Ogier acts for Virgin Atlantic's global restructuring

Ogier's specialist Restructuring and Insolvency team has advised on the global restructuring of Virgin Atlantic.

The Ogier team acted for the airline in relation to a £1.2 billion global restructuring in response to the COVID-19 pandemic.

The team advised on all of the Jersey aspects of the restructuring including the provision of a £170 million loan facility made available by Davidson Kempner European Partners LLP.

The full restructuring plan will see the company undergo a £1.2 billion private only, solvent recapitalisation over a period of approximately 18 months.

The restructuring is thought to have been the first time the High Court of England and Wales sanctioned a restructuring plan pursuant to Part 26A of the Companies Act 2006, a process introduced by the Corporate Insolvency and Governance Act 2020 which came into force on 24 June 2020.