Flybe Administrators Sue Former Owners Over Alleged Misuse of Government Loan
Administrators for the collapsed airline Flybe are taking legal action against its former owners, a consortium that included Cyrus Capital and Virgin Atlantic. The lawsuit seeks to recover £31.2 million, alleging the misuse of a government loan. The claim centers on a £20 million loan provided by the UK government just before the airline's first collapse in 2020. Administrators argue that nearly £13 million of these funds were diverted for the benefit of the owners rather than supporting the airline's operations. The former owners have strongly denied the allegations, stating the funds were used for legitimate business purposes.
Official Source: https://www.bbc.com/news/articles/c625dqzpm7qo?at_medium=RSS&at_campaign=rss