Midnight Mike
2008-04-13, 01:47 AM
April 12 (Bloomberg) -- Virgin America Inc. will receive an additional $100 million in capital from U.S. and British investors, the Wall Street Journal reported.
The airline, which is partly owned by U.K. billionaire Richard Branson, began flights in August and must find a place in the U.S. market during a time of record-high fuel prices and a slowing domestic economy, the Journal said.
The financing will fund future expansion and isn't a response to the deteriorating U.S. airline operating climate, the WSJ said, citing Robert Nisi, a Virgin America board member and chief operating office of Cyrus Capital Partners, a New York- based hedge fund that initially funded about 40 percent of the airline, the newspaper said.
The airline, which is partly owned by U.K. billionaire Richard Branson, began flights in August and must find a place in the U.S. market during a time of record-high fuel prices and a slowing domestic economy, the Journal said.
The financing will fund future expansion and isn't a response to the deteriorating U.S. airline operating climate, the WSJ said, citing Robert Nisi, a Virgin America board member and chief operating office of Cyrus Capital Partners, a New York- based hedge fund that initially funded about 40 percent of the airline, the newspaper said.