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Thursday, March 05, 2020

Mortgaged To The Hilt Flybe Goes Under

Despite being offered the hope a rescue deal by the government, economic reality (Covid-19 is cited, but not the real issue) has hit Flybe and it has collapsed.

The FT reports that the Treasury subsequently concluded it could not authorise the previously promised loan as Flybe had already mortgaged most of its physical assets, such as buildings, equipment as well as intellectual property, to its shareholders.

This left it with virtually no collateral to offer the government in return. Any borrowings had to be provided on commercial terms to comply with EU state aid rules, ruling out an unsecured loan.

This is very bad news for the employees of Flybe.

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