Europe’s largest regional carrier Flybe is desperately searching for additional financing so it can keep operating, less than a year after it was rescued by a group of buyers led by Virgin-Atlantic.
A Sky News report revealed that accountancy firm EY is poised to handle an administration of the airline group, if talks with the UK government fail to save it.
Flybe operates around 75 aircraft serving over 80 airports in the UK and Europe.
According to media reports, the UK Government is assessing whether it can facilitate emergency financing for the company.
If Flybe fails to secure a rescue package, it will be the second major European airline to fall in just four months, after Thomas Cook Group collapsed in September.
Last year, Flybe’s assets were purchased for nearly $3 million by Connect Airways, which is led by Virgin Atlantic.