Business Services Industry
Virgin Atlantic Airline Forks Out UKpound 1.3 Billion on Jets.
Knight Ridder/Tribune Business News, February, 2002
By Brett Arends, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 21--Sir Richard Branson's Virgin Atlantic airline is defying the industry meltdown and gambling on growth by buying 10 new aeroplanes at a cost of up to UKpound 1.3 billion.
Four Airbus jets will be delivered this year, the rest over four years. Each carries 319 passengers and can fly from London to Los Angeles or Tokyo non-stop. To ease the cost, they will be sold to a third party and then leased back.
Airbus is thought to have helped arrange the financing to conclude the deal. Branson may also have won a hefty discount.
The bold move comes amid a crisis for long-haul carriers. British Airways is slashing jobs and major US airlines are flirting with...
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