Community Corner
Virgin America’s CEO: Profitability and IPO Coming This Year
Company grounds plane acquisition plans as it climbs toward profitability.
Burlingame-based Virgin America is expected to make its Initial Public Offering (IPO) of stock by the end of the year.
As the company prepares its books to look as enticing as possible to investors, it has postponed one 30-plane order and scaled back another from 30 to 10.
Virgin America has posted $645 million in accumulated net losses since its start in 2007.
The Wall Street Journal reported Monday that CEO David Cush said Virgin America had reached a deal with investors to turn $290 million of debt into equity after the IPO.
No firm date has been announced for the IPO.
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