British regional airline, Flybe, has gone out of business after being placed under administration, becoming the first airline to be unable to withstand the coronavirus outbreak. The pandemic has led to a global decline of air passengers.
The airline was already undergoing a financial crisis even before the virus outbreak. It failed to secure a £100 million loan from the government, meant to restore its stability.
Therefore, all its flights have been grounded, with accounting firm, EY picked to handle the administration process.
Additionally, the airline has declared its inability to arrange alternative flights for passengers, even as more than 2000 jobs are already at stake.
Until today, Flybe was a British airline based in Exeter, England. It was the largest regional airline in Europe, providing more than half of UK domestic flights outside of London. It also flew over 210 routes across 15 countries.
The airline now becomes the second major British airline to go out of business, after the collapse of Thomas Cook last September.
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