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Tag: Flybe

Former Flybe shareholder plots regional airline’s revival

Former Flybe shareholder plots regional airline’s revival

Business
A shareholder in Flybe when it collapsed this year with the loss of thousands of jobs is in talks with its administrators about a potentially controversial bid to resuscitate the regional airline. Sky News has learnt that Cyrus Capital, a hedge fund with offices in Mayfair, is behind a plot to reacquire some of Flybe's assets, despite the devastating impact of the coronavirus pandemic on Britain's aviation industry. Cyrus Capital, which is run in Europe by Lucien Farrell, is understood to be in discussions with EY - which was appointed to handle the company's insolvency in March - about a deal.It is said to want to relaunch a smaller version of Flybe next year, although the precise timetable would be subject to a recovery in passenger demand and the removal of coronavirus-related quarantin...
Coronavirus: Flybe set to collapse in hours amid bookings slump

Coronavirus: Flybe set to collapse in hours amid bookings slump

Business
Flybe, one of Britain's biggest airlines, is expected to fall into administration in the early hours of Thursday, putting more than 2,000 jobs at risk.Sky News has learnt that Flybe renewed a plea for ministers to provide emergency financial support, even as ongoing talks about a state loan on commercial terms appear to have been rejected. Sources said on Wednesday that there was a possibility that Flybe could fall into administration within a matter of days, although "last-ditch" discussions involving its shareholders and the government were continuing. Image: A notice taped to a Flybe plane at Glasgow Airport One insider said the chances of the airline surviving until a promised review of Air Passenger Duty (APD) charges in next Wed...
Ryanair chief’s Flybe row with Javid takes off

Ryanair chief’s Flybe row with Javid takes off

Business
The row about a government-backed rescue package for the regional airline Flybe intensified on Tuesday with a fresh attack by Ryanair's chief executive on Sajid Javid, the chancellor.Sky News has obtained a letter sent by Michael O'Leary accusing Mr Javid of making "inaccurate and seriously misleading" statements about Flybe's finances. Mr O'Leary described a short-term tax deferral granted to Flybe known as a "Time to Pay" arrangement as a "breach of state aid rules" because "all of its competitor airlines in the UK continue to pay their [Air Passenger Duty] on time".In his letter, the Ryanair boss stepped up his criticism of Flybe's owners - led by Sir Richard Branson's Virgin Atlantic - by asking Mr Javid: "If these billionaire shareholders are not willing to put their hand in their own...
Backlash gathers speed over taxpayers’ Flybe rescue

Backlash gathers speed over taxpayers’ Flybe rescue

Business
Green groups and air industry rivals have attacked the government over the taxpayer support that is enabling Flybe to keep flying.After Sky News revealed on Sunday night that the regional airline was in frantic talks to avert collapse, ministers announced on Tuesday evening that an agreement had been struck to safeguard its immediate future. The terms included the deferral of Air Passenger Duty (APD) payments, amounting to more than £100m, in return for the independent airline's major shareholders injecting tens of millions in new funds.The measures, to date, mean 2,400 jobs at Flybe are safe - for now.But no additional details have been released and the government is understood to still be negotiating a loan on commercial terms with the airline, casting continuing doubt on its long-term f
Flybe: Government strikes a deal to rescue troubled airline

Flybe: Government strikes a deal to rescue troubled airline

Business
The government has agreed a rescue plan for troubled regional airline Flybe.Ministers agreed to work with Flybe to figure out a repayment plan for a significant tax debt that is thought to top £100m.Meanwhile, the firm's owners have agreed to pump more money into the loss-making airline.Business Secretary Andrea Leadsom said the deal would keep the company operating.That will be a relief to many of the eight million passengers who fly with the airline each year.Flybe services dozens of UK domestic routes that are not flown by other airlines, making it the largest carrier to fly out of some regional airports like Newquay."Flybe plays a critical and unique role in the UK aviation system, supporting the development of the regions, providing essential connect