Virgin Atlantic has been searching for capital to keep it from collapse in the midst of the economic crisis caused by coronavirus, reports Clare Duffy in CNN Business.

The airline is now exploring options to work with outside investors, a Virgin Atlantic spokesperson confirmed to CNN Business Sunday. Investment bank Houlihan Lokey (HLI) has been appointed to lead the search, with a focus on private investors.

"Because of significant costs to our business caused by unprecedented market conditions which the Covid-19 crisis has brought with it, we are exploring all available options to obtain additional external funding," the spokesperson said in a statement. The British airline has also requested financial assistance from the UK government.

The airline's parent company, Virgin Group, and billionaire founder Richard Branson are supportive of the investor search, though they are not looking to sell Virgin Atlantic outright, according to a statement from a Virgin Group spokesperson.

"Virgin Group is providing liquidity to help support its companies and save jobs," the statement reads. "Richard and the Virgin Group are committed to the airline, and are not looking to sell Virgin Atlantic. They recognise that further investment will be necessary to make up for the total loss of revenue due to Covid-19 and are working with Houlihan Lokey to approach private investors about the investment opportunity."

Travel bans, lockdowns and border closures implemented to slow the spread of coronavirus have decimated the travel industry, prompting dozens of airlines to ground planes and place workers on unpaid leave. The International Air Transport Association said earlier this month that airline passenger revenues will be cut in half this year, tumbling by USD 314 billion from 2019.

While US airlines will receive tens of billions of dollars in support as part of the country's stimulus package, governments in Europe have not promised wholesale bailouts to their carriers. Instead, individual airlines are tapping government support to pay staff salaries and raise debt.

Branson previously pumped USD 250 million into Virgin Group companies in response to the pandemic, but he said the airlines would need more money to survive.