BBC News 

Sir Richard Branson's Virgin Atlantic could run out of cash next month if creditors do not approve a £1.2bn rescue deal, a UK court has heard.

The airline is "fundamentally sound" but a restructuring and fresh injection of money is critical to securing its future, Virgin's lawyers said.

The plans need approval from creditors under a court-sanctioned process.

As part of that process Virgin Atlantic is also seeking protection under chapter 15 of the US bankruptcy code...more