Sir Richard Branson’s Virgin Group will contribute $251 million in cash towards a $1 billion rescue package for stricken UK airline Virgin Atlantic, saving thousands of jobs.

The rest of the money will be provided by investors and creditors while part of the value of the deal includes waivers and deferrals on liabilities.

While the investment plan still requires formal approval, an announcement is expected imminently.

Branson has repeatedly had his request for a government bailout turned down by the UK but believes now that the airline has secured investment, it can rebuild and return to profitability in 2022.

“We have taken painful measures, but we have accomplished what many thought impossible,” chief executive Shai Weiss told the BBC. “The last six months have been the toughest we have faced in our 36-year history.”

Most airlines in the world have requested financial support from their governments in the wake of the coronavirus crisis but the UK has been stricter in its approach to helping airlines.

Virgin Atlantic does not meet the criteria for the UK government’s emergency Covid-19 loans, leaving Branson to search for alternatives, including selling shares in Virgin Galactic.

Virgin Atlantic said that while it is laying off 3,500 staff, it expects the remaining 6,500 positions will be secure.