Advertisement

Richard Branson's Virgin Atlantic Airline Rescued in $1.5 Billion Deal

Richard Branson's Virgin Atlantic Airline Rescued in $1.5 Billion Deal

Britain's seventh richest man -- pleaded with the British government to save his Virgin Atlantic airline with a $621 million bailout plan. Branson, at wit's end, began casting about for any way to save his company, liquidating shares of space start-up Virgin Galactic (NYSE: SPCE) one day, attempting to mortgage his private Caribbean island the next. As the BBC just reported, Branson and Virgin Atlantic have struck a £1.2 billion (that's $1.5 billion) deal to rescue the embattled airline.