Further from the FT. Apparently the Government is unlikely to approve the loan partly because Flybe has already taken out loans against all of its assets.
"The situation was complicated after Flybe mortgaged the majority of its remaining assets — including buildings, equipment and intellectual property — to its owners last year. This made it more difficult for the UK government to provide a loan on commercial terms."
https://www.ft.com/content/6c37bb36-...b-339c2307bcd4