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Old 4th Mar 2020, 12:12
  #3580 (permalink)  
Jetscream 32
 
Join Date: Nov 2001
Location: 1000ft above you, giving you the bird!
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Originally Posted by fernlee
I think the fact the chancellor saw the value of flybe to UK PLC and agreed without hesitation to assist with short term funding speaks volumes about the place flybe has in the UK economy
To note - The chancellor offered a honeymoon on the APD due and prevented HMRC from placing the company in compulsory liquidation for default of the debt due - HMG have not spent a penny or extended a loan - they have done what HMRC does with any company but due to the size of the debt, the HMRC head honcho wanted it on the chancellors shoulders and not theirs! All the time the company is still trading and I hope it does for many years to come but not with a govt bailout and rightfully with the shareholder's money who only have one focus and that is to turn a distressed asset into a cash cow..... Guess what - not gonna happen unless they the shareholders who bought the brand extend a credit line of over £250 million without relying on HMG to act as guarantor or provide any assurances - so all the time you are still flying currently you are still adding to the APD debt that will need to be repaid - it will not vanish into thin air unless the company does!

You only have to read this https://www.ft.com/content/ed86c7be-...a-c4b328d9061c and look at the accounts here https://beta.companieshouse.gov.uk/c...filing-history to see that this was meant to be a good idea on how to make a quick buck....by only exposing a couple of million for a brand that could with a low-cost govt backed loan turn around into a $billion USD sale down the line

Then along came an unknown virus that wiped billions off of the stock markets and made the travelling public nervous to get on a plane.
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