26 OCTOBER 2020
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The National media, looking for some good news, quickly took up a statement by the administrators of Flybe that the airline is to fly again “in early 2021.”
A request by BTN for detailed information met with a sturdy reply “I’m afraid it’s way too early to answer any of these!” The questions requested details of the Air Operators Certificate (AOC) and names of the senior members of the management team.
The statements said a sale has been agreed for the business and assets of Flybe Ltd (in Administration) to Thyme Opco Ltd, a company affiliated with investment adviser Cyrus Capital.
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.”
Cyrus was a shareholder of Flybe before it collapsed just before the outbreak of the Covid-19 pandemic. A New York-based hedge fund, its European operation is run by Lucien Farrell who owns 51% of Thyme Opco.
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