The stricken almost bankrupt UK regional airline Flybe has been rescued by the UK government at the last moment today.
The airline's shareholders, which include Virgin Atlantic, Stobart and an investment firm have all agreed to put in more cash to the struggling regional operator. The UK government has said it will review the air UK passenger duty ahead of the budget.
Business security Andrea Leadsom MP said "Delighted that we have reached agreement with Flybe’s shareholders to keep the company operating, ensuring that U.K. regions remain connected. This will be welcome news for Flybe’s staff, customers and creditors and we will continue the hard work to ensure a sustainable future."
Following the buyout of Flybe, the consortium created Connect Airways which is the name of the holding company owned 40% by Cyrus Capital Partners, 30% by Stobart Group, and 30% by Virgin Atlantic Limited. From our understanding, the airline will continue with the planned transition later this year from the Flybe brand to Virgin Connect.
More on this story here.
Following the buyout of Flybe, the consortium created Connect Airways which is the name of the holding company owned 40% by Cyrus Capital Partners, 30% by Stobart Group, and 30% by Virgin Atlantic Limited. From our understanding, the airline will continue with the planned transition later this year from the Flybe brand to Virgin Connect.
More on this story here.
Recommended for you...