It's understood that Virgin Atlantic is about to announce a rescue package worth £1.2bn, saving thousands of jobs

Part of the agreement will apparently see Sir Richard Branson's Virgin Group put in 200-million pounds in cash.

The airline's still expected to cut a third of its workforce as it predicts customer demand will be down around 40% this year.

In March, the airline left Gatwick, to run flights from Heathrow and Manchester.