Virgin America’s losses finally begin to narrow as it eyes profitability
Skift Take
"Finally," isn't the right word, but it's pretty close.
Virgin America Inc., the low-fare airline partly owned by U.K. billionaire Richard Branson, narrowed its first-quarter net loss by 39 percent and restructured debt to lower interest expenses.
Virgin America also modified terms with some creditors, which eliminated $290 million of debt and will trim interest expense in the second half of the year by two-thirds, to $20 million. The deal was “a first step” toward preparing for a public offe
