Simpson Thacher Represents Virgin Group in Connection with Restructuring of Virgin America
01.14.10
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The Firm recently represented the Virgin Group in connection with the restructuring and implementation of a new ownership structure for Virgin America, the U.S. domestic air carrier. As part of the transaction, a new group of U.S. investors led by affiliates of Cyrus Capital Partners, an existing investor in Virgin America, will hold majority control over the airline. Under the revised structure, the Virgin Group will continue to retain 25% of the voting stock of the airline, in compliance with U.S. Department of Transportation regulations. As part of the transaction, certain of the new shareholders of Virgin America, including the Virgin Group, have agreed to make available to the airline additional debt financing. The financial terms of the transaction were not disclosed.
The Simpson Thacher team included Alan Klein, Anthony King, former associate Pierre-Luc Arsenault, and Ejim Achi (M&A), John Creed (Tax) and Brian Robbins and Jamin Koslowe (Executive Compensation and Employee Benefits).