FT confirming the deal today:
"Shai Weiss, chief executive, told the Financial Times shortly after the deal was signed off on Tuesday that the rescue plan was a “major achievement” that most people “probably thought . . . impossible”. “We’re planning for forever,” said Mr Weiss in his first interview after agreeing the deal. “This is not a plan for another plan . . . our job has been to take a very severe look into 2021 specifically. We funded the plan for the worst case rather than best case as you would expect us to do.” The rescue package will inject about £1.2bn into the airline over the next 18 months, with £200m of cash from Richard Branson’s Virgin Group and £170m of debt funding from US hedge fund Davidson Kempner Capital Management. It will also include £400m of fee deferrals from shareholders, Virgin Group and Delta Air Lines, which owns 49 per cent, as well as agreements with credit card companies to unlock cash and a cost-saving programme that will involve 3,550 job cuts"