operations: Connect also pledged to inject 80m for investment and 20m in a loan to keep Flybe's operations running, according to The Guardian. However, Connect on Tuesday announced that Flybe had not satisfied its conditions for the loan, prompting a need for an urgent injection of capital. Virgin Atlantic, which is still part-owned by billionaire Richard Branson, Stobart and investment house Cyrus announced the 2.2m bid for Flybe on Friday, under the banner of Connect Airways, a joint venture. Virgin Atlantic swoops on troubled Flybe with 2.2m bid Read more It is understood that Flybe failed to persuade the banks that take card payments on its behalf to pass on the much-needed cash. The airline had on Friday acknowledged a rapid and significant tightening on Flybe's liquidity from the card acquirer market . Connect will now buy Flybe's main trading company, Flybe Ltd, and its website company, Flybe Ltd, for 2.8m. The banks were withholding the money in case Flybe collapsed and defaulted.
(news.financializer.com). As
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