Connect Airways Ups Offer For Flybe
January 15, 2019 / Airwise
The Connect Airways consortium that is planning to take over UK regional Flybe has increased its offer for the airline and agreed a bridge loan after conditions for the first credit facility could not be met. Connect, which is made up of Cyrus Capital, Virgin Atlantic and Stobart Group, agreed last week to acquire Flybe for GBP£2.2 million (USD$2.8 million) and make available a £20 million bridge loan facility to support the airline's ongoing working capital and operational requirements. But in a January 15 statement to the London Stock Exchange, Flybe said that it was not possible to satisfy the conditions of the agreed credit facility and it had been unable to draw any funds under the agreement. The statement also said that Connect Airways had agreed to purchase the Flybe Limited subsidiary, which includes Flybe Aviation Services, and the digital company Flybe.com Limited for £2.8 million, subject to “a limited number of conditions.