Virgin Atlantic is to receive a £400m cash injection from Virgin Group and Delta Air Lines.

Virgin Group will pump in £204m and Delta will provide £196m, having already written off historic and future payments due from the UK-based airline.

Shareholdings in Virgin Atlantic remain unchanged with the Virgin Group owning 51% and Delta 49%.

Virgin says that it will return to profitability in 2023.

CEO Shai Weiss said:“Our story has been well documented during the pandemic. Together with our people, we have proven that we have what it takes to emerge a stronger airline.

“Throughout, our shareholders Virgin Group and Delta Air Lines, and our creditors, have been a source of unwavering support. As our customers look to travel again to reconnect with their families, loved ones and business colleagues around the world, we look forward to working together towards our vision of becoming the most loved travel company and becoming sustainably profitable, serving our customers with Virgin flair for the next 37 years and beyond.”