Thursday , October 29 2020

Flybe saved after successful last-ditch talks – The Guardian, Theguardian.com


Details of government rescue deal with shareholders yet to be released

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************************** (******************************** (************************************************************** () ******************************** (**************************************** (**********************************************************A Flybe airliner takes off at Dusseldorf, Germany. Photograph: Ina Fassbender / AFP via Getty Images (******************************************

The future ofFlybeappeared to have been secured on Tuesday night after ministers said they had reached a deal with shareholders to keep Europe’s largest regional carrier flying.

The business secretary, Andrea Leadsom, tweeted: “Delighted that we have reached agreement with Flybe’s shareholders to keep the company operating, ensuring that UK regions remain connected. This will be welcome news for Flybe’s staff, customers and creditors and we will continue the hard work to ensure a sustainable future. ”

Details of any rescue plan have yet to be released but the news came after talks where ministers were considering whether to cut air passenger duty (APD) on all domestic flights, and potentially allow the Exeter-based airline to defer a tax bill of three years.

Such a rescue proposal would give Flybe time to implement a further turnaround plan, and would also avoid a breach of EU state aid rules.

The government had been urged by MPs, unions and business to save Flybe, which carries 8.5 million passengers a year between 84 airports across the UK and mainland Europe, and serves almost two in five domestic UK flights.

More details to follow…

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