So what is the actual issue with Flybe? Is it riddle with debt like Thomas Cook was or is it simply operating a business model that is unprofitable? If it's debt, then surely Connect would've had sight of this before hand? If it's outright unprofitable then why get involved in the first place? If it could be profitable but needs to chop the fat, why are they so reluctant to invest and start making changes and why is the government having second thoughts all of a sudden?
Stobart are still heavily involved in this, so if Flybe were to go under, could they not just do what Loganair did with BMI and transfer the aircraft they want, continue as normal in terms of flights but start again in terms of HQ staff, crews etc etc on their own terms?