Flybe Group’s collapse has left debts of up to £789 million, new figures from administrators show.
Flybe Group collapsed in March 2020, but the brand has been reborn as Flybe Ltd, minus the debts of the original company.
The latest progress report from administrators Ernst & Young shows £600-£650 million was owed to unsecured creditors, who are likely to receive nothing. Preferential creditors, who are usually employees, were owed £3.2 million.
Ernst & Young also highlighted another £136.2 million in “outstanding secured creditor debt due to senior lenders”. The administrators said £6.6 million of this had been paid.
Flybe Group failed last March, despite having been bought just a year earlier by a consortium of Virgin Atlantic, Stobart Group and investment firm Cyrus Capital for £2.2 million.
Last week, it was announced that Flybe Ltd had been established by investors previously associated with Cyrus Capital.
The new owners have bought the brand, intellectual property, stock and equipment and plan to begin flying this summer.