Flybe shareholders urged to reject rival rescue bid
Flybe’s Board has urged shareholders to reject a last-minute bid from an investor group led by Bateleur Capital and Arizona-base Mesa Air Group.
It says conditions in the new bid mean it can’t be done in the timeframe required to allow Flybe to continue to trade.
It says Flybe has now drawn down the first £15 million of the £20 million in loans from the original bidder, Connect Airways, a consortium of Virgin Atlantic, Stobart and Cyrus Capital Partners.
"The sums utilised under the credit facility from the Connect Airways shareholders are repayable not later than 22 February 2019," Flybe’s Board said in a statement today.
"The arrangements with the company’s credit card acquirers and banks are vital to enable Flybe to continue to trade and are conditional themselves upon the SPA completing.
"Accordingly, the Board emphasises to shareholders that it continues to regard the arrangements entered into with Connect Airways as being the only viable option available to the company which provides the security that the business needs to continue to trade successfully.
"The arrangements with Connect Airways preserve the interests of Flybe’s stakeholders, customers, employees, partners and pension members."
Loss-making Flybe put itself up for sale in November.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt
Qatar Airways offers flexible payment options for European travellers
TAP Air Portugal to operate 29 flights due to strike on December 11
Air Mauritius reduces frequencies to Europe and Asia for the holiday season