21st Nov 2018 15:29
LONDON (Alliance News) - Airline Flybe Group PLC said Wednesday its subsidiary has agreed a USD5 million extension to its loan facility with a German commercial bank.
This deal extends subsidiary Flybe Ltd's existing 2015 facility with Norddeutsche Landesbank Girozentrale and the funds are to be paid back over three years.
The USD5 million is secured against a Bombardier Q400 turboprop aircraft G-JEDW, which has a net book asset value of GBP4.7 million.
"This agreement is a further measure by which Flybe is using its existing assets to generate cash and therefore strengthen its working capital in line with the comprehensive strategic review," Flybe said.
Shares in Flybe were up 0.3% at 9.69 pence on Wednesday.
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