Richard Branson's Virgin Atlantic Airways faces crunch vote in 3 weeks

Richard Branson’s Virgin Atlantic Airways faces a crunch vote in less than three weeks that will determine whether its hard-won £1.2-billion ($1.6 billion) rescue goes ahead or if the carrier is headed for collapse.

Meetings of four creditor groups will be held on August 25 after the company began a legal process in the UK seeking to stop any holdouts from blocking the package. Virgin told a London court on Tuesday that it faces collapse next month if the financing plan fails. It filed an ancillary petition for Chapter 15 bankruptcy protection in the US to freeze creditors there and