'Flybe will return to the skies' with a new smaller version of the carrier
The collapsed Devon-based regional airline Flybe is planning to return to the skies early next year, after it was bought out of administration.
The hedge fund Cyrus Capital wants to relaunch a smaller version of the carrier.
It became one of the first corporate victims of the coronavirus pandemic when it collapsed in March.
Simon Edel, Joint Administrator and EY Turnaround and Restructuring Strategy Partner said: "Today’s announcement, and the upcoming completion of this sale, will be great news to communities around the country that were previously served by Flybe.
"The restart of this iconic brand, which was once Europe’s largest regional airline, will provide a potentially significant boost to aviation jobs, regional connectivity, and local economies."
A Thyme Opco spokesperson added: "We are extremely excited about the opportunity to relaunch Flybe.
"The airline is not only a well-known UK brand, it was also the largest regional air carrier in the EU, so while we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK, and contribute to the recovery of a vital part of the country’s economy."
The joint administrators were appointed to Flybe on 5 March 2020 following the significant disruption to the airline industry caused by the COVID-19 pandemic.
Prior to the Administration, Flybe was a UK-based independent regional airline in the UK carrying around 8 million passengers a year between 81 airports across the UK and the rest of Europe.