A Virgin Atlantic-led consortium, also comprising Stobart Group and private equity firm Cyrus Capital, swooped on the embattled domestic carrier earlier this month.
The Connect Airways consortium made a £2.2 million, one-pence-per-share offer for Flybe on January 11, a near 95% discount on Flybe’s then 16.4p share value.
The deal was later restructured and revised up to £2.8 million to allow the consortium to keep Flybe afloat with an immediate £10 million cash injection.
