Originally Posted by
asdf1234
Stobart Group had sold and then leased back the aircraft fleet that they then placed into the Connect consortium. I think shareholders will have been pleased to see the back of the liability this created in the balance sheet of Stobart Group. In my view it was a canny move.
The full year trading statement has been released this morning. It seems that the liabilities associated with the sale and leaseback of the ATR fleet did not pass to Connect with the sale of Propius and Stobart Air. The trading statement has this:
"A number of guarantees and potential lease obligations exist between the Group and the separate subsidiaries of Connect Airways, being Stobart Air and Propius, which have been impacted by the collapse of Flybe. Stobart Group is actively evaluating how best to address and manage these liabilities and is in discussion with stakeholders regarding the most appropriate solutions;"
The Group is now very short of cash and needs short term debt to keep the airport running. They also state the following on the potential interest in Southend Airport:
"No acceptable terms have been agreed and discussions have since been put on hold while both parties navigate the current COVID-19 outbreak."