Sir Richard Branson is looking for investors for Virgin Atlantic to stop the airline from going bust.
The billionaire boss has been slammed for seeking a £500million bailout from the UK goverment for the airline.
The airline is said to have appointed investment bank Houlihan Lokey to help find investors. The bank has lined up 100 potential bidders with around half asking for more information, according to sources.
It’s hoped that the investors will inject cash to help write-off debts or provide equity or convertible loans, which could leave Mr Branson’s 51 per cent stake in the business slashed.
Interested parties reportedly include Singapore wealth fund Temasek and Northill Capital, US based firms Centerbridge Partners and Cerberus Capital Management.
If it can’t find suitable investors, the firm may look to put the airline into administration.
In an open letter to his 10,000 employees last week, Mr Branson warned the airline would go bust without support and offered is £80million Necker island as collateral.
On the same day, Virgin Australia went into voluntary administration after failing to secure a government bailout.
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