Dhaka, July 14 -- Virgin Atlantic could confirm a GBP 1 billion rescue deal on July 14 to save the airline from collapse during the coronavirus crisis.

Shai Weiss, Chief Executive of the airline has drawn up a four-year plan that will allow the carrier to survive even if flights to the US do not return until 2021.

The deal, without government aid, would be rubber-stamped by creditors shortly afterwards, Virgin Atlantic was, at the time of writing, racing to agree on terms to release tens of millions of pounds in credit card payments.

The Discussions reportedly centred on demands from the credit card merchant First Data to hold onto all cash generated from future bookings to protect itself against the risk of the carrier collapsing. An ...