Bailed out by Connect, a consortium of Cyrus Capital (40%), Virgin Atlantic (30%) and Stobart Aviation (30%), and due to rebranded as Virgin Connect in 2020, Flybe is again close to collapse. It’s admitted it has administrators in standby while bailout talks are underway.
It’s understood that the shareholders have refused to put any more money into the airline.
Connected appointed its own CEO to run the company and Flybe’s old CEO Christine Oumier-Widener departed.
The £100m Connect was expected to pump in seems to have become more of a problem, possibly connected to other problems at Stobart which has gone through a rocky 12 months itself.
Rumour that the government might help prevent a collapse is strong but it’s rarely ever done more than the minimum and there is no current legal framework to do so.
Nobody was commenting Sunday night/ Monday morning.
A Flybe collapse would be a blow to Virgin Atlantic, they planned to operate it as a U.K. feeder service to Heathrow and Manchester to rival BA’s hold on the market at Heathrow especially.