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Tag: rescue

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
England’s middle order rescue day two of New Zealand warm-up

England’s middle order rescue day two of New Zealand warm-up

Sports
Tour match, Cobham Oval, Whangarei (day two of three):New Zealand XI 302-6: Phillips 116, Blundell 60, Archer 2-58, Stokes 2-64England 355-8: Pope 88, Buttler 88, Denly 68, Mitchell 2-10, Tickner 2-19ScorecardJoe Denly says he is "as near as 100% fit" to face New Zealand in the first Test after scoring 68 on day two of the warm-up match against New Zealand A.Denly, who is expected to bat at three, missed the Twenty20 series against the Kiwis after injuring ankle ligaments.Jos Buttler and Ollie Pope both scored 88 to also help rescue England after they had fallen to 105-5. New Zealand A declared on 302-6 in the final warm-up match before next week's first Test at the Bay Oval in Tauranga.Denly...
British Steel rescue deal to ‘preserve thousands of jobs’

British Steel rescue deal to ‘preserve thousands of jobs’

Business
British Steel has been saved in a rescue deal by a Chinese industrial giant safeguarding up to 4,000 jobs, it has been confirmed.The sale to the Jingye Group will go through "as soon as reasonably practicable", said the Official Receiver, which has been handling the insolvency of Britain's second-biggest steel producer. The Chinese firm said it plans to invest £1.2bn in British Steel over the next decade and would "preserve thousands of jobs". Image: The business will continue to trade as normal between exchange and completion The completion of the sale depends on a number of issues, including gaining the necessary regulatory approvals.The business will continue to trade as normal during the period between exchange and completion.
Rescue hopes fade as Thomas Cook slides towards collapse

Rescue hopes fade as Thomas Cook slides towards collapse

Business
By Mark Kleinman, City editor Thomas Cook, Britain's oldest travel agent, was close to collapsing on Sunday night as last-ditch rescue talks looked like ending in catastrophic failure.Sky News has learnt that the company's creditors and the government are anticipating an announcement on Monday morning that the 178-year-old business had ceased trading - with a new Whitehall taskforce set up to address the crisis. A final decision by Thomas Cook Group's directors to appoint insolvency practitioners is expected to be taken in the early hours of Monday "barring a last-minute miracle", they added.Insiders told Sky News that the Official Receiver was expected to be involved in any insolvency process, with KPMG, the big four accountancy firm, ...