Bloomberg Virgin Atlantic Airways Ltd is closing in on a 400 million-pound ($504 million) rescue led by Davidson Kempner Capital Management after the US hedge fund offered more favorable terms than other potential backers, people familiar with the matter said. Davidson Kempner has offered funding conditions that an alliance of Elliott Management Corp and UK investment firm Greybull Capital declined ...

Bloomberg Boris Johnson is under pressure to strip IAG SA’s British Airways of valuable landing slots at UK airports amid concern about the airline’s plan to cut 12,000 jobs, according to a report in the Daily Mail. More than 100 British members of parliament from various political parties are asking the prime minister to reconsider BA’s right to slots at ...

Bloomberg The High Court of Kenya ordered the national carrier to temporarily freeze job cuts pending a full hearing of the matter. The case will be heard on July 16, Judge Hellen Wasilwa said in an judgment. The Kenya Aviation Workers’ Union sought the action against Kenya Airways after the airline’s chief executive officer, Allan Kilavuka, earlier this month told ...

Bloomberg Competition to buy retailer Brooks Brothers Group Inc will allow the company to fund its reorganisation in bankruptcy with an $80 million loan that carries a zero interest rate and no closing fees. ABG-BB LLC, a partnership between Authentic Brands Group LLC and mall landlord Simon Property Group Inc, will provide the loan. The generous terms reflect competition between ...

Bloomberg American Airlines Group Inc has warned Boeing Co it will cancel orders for about a dozen 737 Max jets if negotiations fail to secure additional help to finance the planes, said people familiar with the matter. The discussions involve aircraft for which financing deals have expired because of delivery delays and a handful of other jets for which financial ...

Bloomberg Gap Inc will work collaboratively with its vendors to compensate them in full for finished goods and goods in production that were canceled or subject to pack and hold. The owner of the Old Navy and Banana Republic apparel chains has also extended payment terms on certain orders and is providing low-cost financing to suppliers, according to a statement ...

Bloomberg President Donald Trump said he would seek sweeping changes to US immigration policy through an executive order, suggesting he might create a “road to citizenship” for certain migrants brought to the country illegally as children and shift the criteria for new arrivals to a “merit-based” system. The new effort will be unveiled “over the next four weeks,” Trump said ...

Bloomberg President Donald Trump has commuted the sentence of Roger Stone, sentenced to more than three years in prison for witness tampering and lying to Congress, in a move that will keep his former campaign adviser from serving time behind bars. The decision, announced in a White House press release, came after Trump had repeatedly criticised the judge, prosecutors, and ...

Bloomberg Voting started in Hong Kong for the primaries of pro-democracy opposition parties, after police raided a polling body working with the movement the night before. Almost 60,000 people voted in the first three hours, according to organisers of the unofficial primary. They are hoping to get at least 170,000 to take part in the vote and on Sunday and ...

Bloomberg Serbian police detained more than 70 protesters who tried to storm the parliament building in the capital Belgrade as anti-government demonstrations triggered earlier this week over a planned virus curfew lapsed into violence again. Riot police used tear gas to repel the charge by a radical group following hours of a peaceful, sit-down rally by supporters of opposition parties. ...