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Manx company's plans to buy airline up in the air?

Proposed financing for transaction 'no longer available'

Plans which would see an Island company buy an airline could be held up due to issues with funding. 

Esken Limited was due to sell its entire shareholdings in Stobart Air Unlimited Company and Stobart Air (UK) Limited to Ettyl.

The deal would see Ettyl secure the franchise agreement Stobart Air has to operate regional flights for Aer Lingus and the Carlisle Lake District Airport. 

The London Stock Exchange has been told 'proposed financing for the transaction is no longer available' and Ettyl is progressing discussions with another potential financing source. 

Esken adds it's seeking information on the impact this may have on the ability of Ettyl to finance the transaction and is discussing the matter with its lending banks.

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