BREAKING NEWS

BREAKING NEWS

Flybe gets alternative financing proposal from Tinkler-backed investors

Flybe gets alternative financing proposal from Tinkler-backed investors
FILE PHOTO: A Flybe Bombardier Dash 8 Q400 airplane taxis at City Airport in London, Britain, September 3, 2018. REUTERS/Hannah McKay/File Photo -
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Hannah Mckay(Reuters)
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(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)

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