What is Chapter 15 bankruptcy? Here’s what to know about the obscure protection Virgin Atlantic is seeking
August 11, 2020 
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Virgin Atlantic registered for protection under Chapter 15 of the US Bankruptcy Code on Tuesday. Chapter 15 is a mechanism that allows US and foreign insolvency courts to coordinate and collaborate when assets are spread over multiple countries. It generally accompanies a bankruptcy client in the filer’s home country. In Virgin Atlantic’s instance, the Chapter 15 shelter comes as the airline works to finalize a private extricate schedule with the assistance of the UK court system. Visit Business Insider’s homepage for more tales.
Virgin Atlantic filed for Chapter 15 insolvency in New York on Tuesday, becoming the latest airline forced into reorganization during the coronavirus pandemic.
The London-based airline flies exclusively long-haul international superhighway. It suspended all passenger functionings in April when the coronavirus pandemic prompted a crash in advance necessitate. It began flying passengers again in July. It is 49% owned by Delta, with Branson’s Virgin Group owning the remaining 51%. See the rest of the story at Business Insider
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