24th Jan 2019 09:40
LONDON (Alliance News) - Flybe Group PLC said Thursday the consortium which is in the process of acquiring the troubled budget airline has extended the first GBP10 million of its credit facility in order to allow Flybe to continue to trade.
In early January, Connect Airways - a joint venture amng Stobart Group Ltd, Virgin Atlantic Ltd and DLP Holdings SARL - agreed to buy Flybe for 1 pence per share in a GBP2.2 million deal.
Shares in Flybe were 34% lower at 4.26 pence on Thursday, still well above the offer price.
Shortly after, the consortium agreed a GBP20 million bridge loan to Flybe in order to allow it to continue to trade until the acquisition completes.
Flybe continues to expect the Connect Airways takeover to complete by the longstop date of February 22.
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