Flybe planes might start taking off from British airports again early next year after administrators said they had agreed a rescue deal for the collapsed airline.
Thyme Opco has bought Flybe's remaining assets and plans to restart the airline, although on a smaller scale than before.
The new owners are linked to Cyrus Capital, which was part of a Virgin Atlantic-led rescue attempt for the airline last year.
Thyme Opco has bought Flybe's remaining assets and plans to restart the airline as early as next year
The two companies teamed up with Stobart Group to try to keep the company afloat in a deal in February 2019.
It has now reached a deal alone with the administrators, which should see the purple planes taking to the air again.
'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' said a spokesman for Thyme Opco.
Having struggled for years, Flybe was pushed into administration earlier this year as the Covid-19 pandemic destroyed large parts of the travel market.
Even before the pandemic started, in January the airline had narrowly avoided administration.
Flybe Europe's largest regional airline collapsed on March 5 after months on the brink, triggering 2,400 job losses and leaving around 15,000 passengers stranded across the UK and Europe.
'Unfortunately, with the situation that has developed with , an already weak company, I'm afraid, just hasn't been able to survive,' transport secretary Grant Shapps said at the time.
Devastated: Former Flybe air crew member Katherine Densham, broke down on-screen as she described learning that her job was gone and 2,000-plus colleagues must also find 'something new to pay the bills'
Emotions ran high at the time when staff learned of the collapse of the airline which flew over nine million passengers a year.
One devastated member of Flybe air crew broke down on live TV as she described learning that her job was gone and 2,000-plus colleagues must also find 'something new to pay the bills'.
Katherine Densham, who worked for the collapsed airline for 13 years, was visibly upset as she arrived at Exeter airport in March to say goodbye to her 'Flybe family', who were clearing their desks.
Staff posted photographs and messages on social media within hours of the announcement
She cried about the 'sad' collapse of the airline and said: 'I'm not sure what I'm going to do now. I've worked for them since leaving college'.
Staff posted photographs and messages on social media within hours of the announcement the budget carrier had plunged into administration - writing how they would 'cherish all the memories' of their 'Flybe family' and 'hope we are all back in the skies where we belong.'
Another anonymous staff member, who has flown with Flybe for 16 years, admitted: 'The people made Flybe. On the frontline, we were lions - lions led by donkeys.'
Flybe crew flooded social media with images as they shared their memories of working at the airline
The man, who asked to remain anonymous, said he was 'still in denial' about the news. He added: 'I still think this is a dream. I was praying for a miracle. I've not slept all night and am worrying what I'm going to do next. I'm 35 and flown in total 16 years - this is basically all I've known'.
Tributes to the airline flooded social media as Flybe collapsed in chaotic circumstances, with passengers sent texts at 2am warning them of cancellations, while staff were informed the company had ceased trading during shifts.
Thousands were left stranded as all Flybe flights were grounded with 'immediate effect' or diverted to the nearest airport in mid-air so the planes could be impounded.
Staff posted poignant messages on social media about how they would 'cherish all the memories' of their 'Flybe family' and 'hope we are all back in the skies where we belong'
It is unclear how many jobs will be rescued under Thyme Opco's new plans.
Simon Edel, an administrator at EY, 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.'