(Reuters) - Flybe Group Plc said it had received a preliminary proposal from Bateleur Capital, Mesa Air Group Inc with support from Stobart Group former boss Andrew Tinkler for a possible optional financing proposal.
Flybe said on Wednesday that the proposal was "highly conditional" and it does not believe it was executable in the time-frame required to enable Flybe to continue to trade.
Richard Branson's Virgin Atlantic, Stobart Group and Cyrus Capital agreed to buy Flybe for an initial 2.2 million pounds , a far cry from its 215 million pounds valuation when it joined the London Stock Exchange in 2010.
Flybe said earlier this month it had been approached by Tinkler about a possible alternative financing proposal.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)