Originally Posted by
jamestkirk
I am not convinced about these latest statements concerning a form of flybe returning.
Mostly as the three members of the consortium are apparently in line to receive an amount of their investment back from EY.
This part of his statement I find interesting for all the wrong reasons:
Cyrus is doing everything it can, along with the other consortium members, to ensure that a business emerges that can re-hire the many thousands of employees who were dependent on it.”
Is Virgin and Stobart working with Cyrus to ensure a business emerges after it was allowed to fail? Has anyone heard this strategy from Virgin and Stobart since the 5th March?. Especially Virgin!!!
How many is many thousands of employees? flybe has circa 2400 (not many thousands as stated) and it would be near on impossible to have a working start up to have that many re-employed.
I understand that people are getting hopeful and positive about some emergence of a regional airline from the dire commercial failure of flybe.
But a large pinch of salt is required to accompany statements on its revival.
Stobart narrowly avoided administration itself earlier this month, and a huge shareholder bailout was needed (in the form of a rights issue) to keep it afloat. Cyrus are a Stobart shareholder (3rd largest pre the rights issue).
It is noteworthy that at the time of the bailout the Stobart board listed Cyrus as not participating in the rights issue.
I don't think Stobart have the funds (or appetite) to have another tilt at FlyBe. I also think Cyrus have had their fill with UK regional airlines given their reported refusal to participate in the Stobart (and by extension Stobart Air) bailout.