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Flybe warns of winding-up threat if Connect offer rejected

February 08, 2019 / Flightglobal

Struggling UK regional operator Flybe Group has indicated it will be forced to begin winding-up proceedings if shareholders do not approve an offer from Connect Airways. While acknowledging the the offer price was "disappointingly low", it says it had to recommend the revised offer on 15 January as the only way to ensure it could continue as a going concern.Flybe Group first announced a deal to sell the company to Connect Airways, a consortium comprising arms of Virgin Atlantic, Stobart Group and investment company Cyrus Capital, on 11 January.But when Flybe was unable to satisfy the conditions to draw down on a proposed bridge loan facility of up to £20 million, the carrier needed immediate funding.