Virgin Atlantic is continuing talks with joint venture partner Delta over a potential lifeline deal.
The US airline owns 49% of Virgin and ruled out offering financial assistance in April.
Talks are currently centred around a “five-pronged rescue plan” which would see Delta defer millions of pounds it is due to receive as a shareholder, the Telegraph reported on Saturday, noting that any deal would mean Sir Richard adjusting his shareholder agreement.
Virgin said the talks were a progression of ongoing discussions. A spokeswoman said: “Constructive discussions with a number of stakeholders are progressing, meanwhile the airline remains in a stable position.”
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Other pillars of the rescue include selling a stake in the airline, agreeing a £150m top-ranking loan and persuading credit card firms to release tens of millions of pounds withheld for future customer bookings, the report said.
A fifth element is said to comprise UK taxpayer funding. The Telegraph’s sources said ministers are “actively reviewing” revised proposals.
Virgin has so far been unable to secure a £500 million taxpayer bailout it had sought from the UK government, and Sir Richard Branson has sold shares in his space tourism business Virgin Galactic to raise funds to support the airline he founded in 1984.
The airline last month announced restructure plans that could see a third of its staff, around 3,000 roles, made redundant and it move its Gatwick operation to Heathrow.
