Flyforbeans, was established in 2008 with the initial aim of setting up a low-cost base from Cardiff Airport providing routes across Europe.
One of the founding directors of the business, Professor Jeremy Stone, was declared bankrupt last December.
His resignation details from Flyforbeans were published by Companies House in March.
Prof Stone is currently in the Arctic on a fundraising expedition for the Prince’s Trust.
Yesterday, Tim Lee, managing director of Flyforbeans, said: “We do not comment on rumours or speculation.”
However it is understood that Flyforbeans is no longer in talks over Bmibaby.
You couldn't make it up. Good luck to all at BMI/Baby/Regional