Flybe to be saved from bankruptcy after it is bought out by a Cyrus Capital affiliate

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Bankrupt British airline Flybe is on track to return to the skies in early 2021 after Monday’s announcement of its takeover by Thyme Opco, a company controlled by investment fund Cyrus Capital, one of its former shareholders.

Flybe, which was one of Europe’s largest regional airlines, filed for bankruptcy in early March as the coronavirus crisis was just beginning.

EY, which has been appointed director of the company, announced in a press release that an agreement has been reached for its acquisition by Thyme Opco, a company affiliated with Cyrus Capital, itself part of a consortium led by Virgin Atlantic in an attempt to rescue Flybe last year. EY says the goal is to relaunch Flybe’s business in the UK in early 2021.

Before its bankruptcy, Flybe carried around 8 million passengers per year and operated at 81 airports in the UK and Europe. The company employed more than 2,000 people It is not clear how many positions will be retained by the new owner.

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