Temasek eyes stake in Virgin Atlantic Airways

The carrier seeks to avoid collapse as it pitches to potential investors.

Temasek is eyeing a stake in British airline Virgin Atlantic Airways, reports Bloomberg.

Singapore’s state investment company joins a list of potential investors that include Greybull Capital, Apollo Global Management, Centerbridge Partners, and Cerberus Capital Management.

Virgin Atlantic is reportedly pitching to potential investors in a bid to avoid collapse as a result of travel bans. The UK government is reluctant to provide emergency funding as it is said to lack investment-grade credit rating.

The report noted that the carrier has enough cash to survive through the summer but is likely to have a “better idea” about its viability in the next week or two. With the funding, the carrier would be able to repay the $875.1m (£500m) with interest, within two to five years or possibly less, whilst the facilities could be left undrawn.

Here’s more from Bloomberg.