![](https://s3.amazonaws.com/socast-superdesk/media/20200904150936/5f525f59023d1607334d8f03jpeg.jpg)
Virgin Atlantic completes rescue plan; 1,150 jobs lost
LONDON — Virgin Atlantic completed its 1.2 billion-pound ($1.6 billion) restructuring plan and cut 1,150 jobs Friday as the airline sought to rebuild following the devastation caused by the COVID-19 pandemic.
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 in the legal process in the long-haul carrier’s efforts to rebuild its balance sheet and to emerge from the crisis. It cut jobs as it announced it was putting the plan into place and further downsizing across the business.
“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.”
Aviation has been devastated by the spread of the virus, as governments around the world moved to curtail travel to safeguard public health. Airlines have been begging for government help until passengers feel comfortable returning to the skies.