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Tag: Flybe

Flybe cancels dozens of flights at the last minute

Flybe cancels dozens of flights at the last minute

Business
By John-Paul Ford Rojas, business reporter Flybe has apologised after it cancelled dozens of flights at the last minute, leaving many passengers in the lurch.Customers used Twitter to ask for updates amid confusion about their journeys, complaining that they were finding it hard to find information. Flights from Belfast City Airport, Southampton, Aberdeen, Edinburgh and Newcastle were among those affected on Wednesday.In a statement issued several hours after the disruption began, the airline said 95% of Flybe flights were operating as normal and that it "sincerely apologises to all our customers and partners affected".But it did not specify which airports or services were affected. Advertisement ...
Arizona airline Mesa backs rival Flybe proposal

Arizona airline Mesa backs rival Flybe proposal

Business
By Mark Kleinman, City editor An Arizona-based commuter airline is backing a proposal to shore up the finances of Flybe, the struggling regional carrier, in a last-ditch effort to scupper a takeover led by Virgin Atlantic Airways.Sky News can exclusively reveal that Mesa Air Group, which is headquartered in Phoenix, is part of a consortium which has tabled an offer to inject £65m of new equity into Flybe. The rival proposal is understood to have been submitted to Flybe's board, chaired by Simon Laffin, on Tuesday afternoon. Image: Flybe chairman Simon Laffin People close to the company said the refinancing plan was being led by Bateleur Capital, an investment firm which focuses on industries inc...
Top Flybe investor declares war over £2m sale

Top Flybe investor declares war over £2m sale

Business
Flybe's biggest shareholder has launched a stunning attack on its directors, accusing them of breaching their duties to investors and threatening a legal challenge to the cut-price takeover of one of Britain's best-known airlines. Sky News has learnt that Hosking Partners, a prominent London-based asset manager which holds a stake of close to 19% in Flybe, has instructed lawyers to explore its options in relation to the company's proposed sale to a consortium‎ led by Virgin Atlantic Airways.These options could include attempting to obtain an injunction prohibiting the deal from being completed, Hosking Partners is understood to have warned Flybe's bosses this week.The initial 1p-a-share deal, announced eight days ago, came at a huge discount to the airline's prevailin...
Flybe rescued by Virgin in cut-price takeover deal

Flybe rescued by Virgin in cut-price takeover deal

Business
A takeover has been agreed of the troubled regional airline Flybe in a £2.2m deal by a consortium led by Richard Branson's Virgin Atlantic. The move, previously revealed by Sky News' Mark Kleinman, offers just 1p per share, significantly less than the company's closing price of 16.38p on Thursday.Shares were 90% down on market opening, reflecting the massive markdown in the value of the company.The consortium, which includes Stobart Group and Cyrus Capital Partners, will form a new airline group.Flybe will combine with Stobart Airways in a joint venture called Connect Airways.Cyrus will own 40% of the new company, while Virgin and Stobart will each take a 30% share.Under the deal, the three firms will also provide a £20m bridge loan to Flybe and £80m of furt...