Creditors will vote at a closed hearing at the High Court on whether to approve the restructuring package secured by the airline in July.
The carrier warned earlier this month it could run out of money by the end of September if the bailout does not go ahead.
It has been hit hard by the collapse in demand caused by the coronavirus pandemic.
The rescue deal involves only private funds and includes a cash injection of £200 million from founder Sir Richard Branson’s Virgin Group.
Virgin Atlantic is seeking approval for the plan from creditors, who are being asked to accept 20% less than they are owed and for repayments to be rescheduled.
The airline insists that without a “solvent recapitalisation” its directors would have “no choice” but to place it into administration, which would “result in a poor outcome for the company’s creditors”.
Virgin Atlantic has said it does not expect demand for air travel to return to pre-pandemic levels until 2023.
In May it announced it would shrink its operations, including closing its Gatwick base and cutting 3,550 jobs.
