Flybe Group Plc, the distressed British carrier, is to be wound down after attempts to sell the struggling business failed.
(Bloomberg) — Flybe Group Plc, the distressed British carrier, is to be wound down after attempts to sell the struggling business failed.
The regional airline had already ceased operations and canceled all of its flights in January after collapsing into administration, a form of insolvency proceedings. It was the second failure for Flybe which previously halted operations in 2020 when the pandemic wiped out demand for air travel.
Although there were sale discussions with a number of “credible parties” it was not possible to conclude a deal “in the available timeframe,” said administrators at Interpath Advisory in a statement Wednesday.
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Part of the problem with the sale was complexity around “use it or lose it” rules related to landing slots. There were also challenges with European authorities regarding a temporary operating licence for the airline, once the UK’s largest domestic carrier, that would have been issued by the UK’s Civil Aviation Authority.
Interpath said it will now look at options for selling any assets and specific rights that Flybe owns. A further 25 employees of Flybe have lost their jobs with immediate effect.
Flybe operated flights from Heathrow, Britain’s busiest airport, to places such as Amsterdam and Belfast.
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