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Flybe is being bought for £2.2m by a consortium including Virgin Atlantic and Stobart Group.
It will operate under the Virgin Atlantic brand, marking a return by Virgin to domestic flights, following a failed attempt five years ago.
Based in Exeter, Flybe carries around eight million passengers a year from airports such as Southampton, Cardiff and Aberdeen, to the UK and Europe.
(Inte 100% klart än)
The deal needs shareholder approval, but is already backed by the board.
The move comes after Flybe's profits warning in October.
Shareholders in Flybe will receive just 1p a share and the consortium, which also includes venture capital firm Cyrus, will inject £100m.
Flybe rescued by Virgin and Stobart - BBC News
It will operate under the Virgin Atlantic brand, marking a return by Virgin to domestic flights, following a failed attempt five years ago.
Based in Exeter, Flybe carries around eight million passengers a year from airports such as Southampton, Cardiff and Aberdeen, to the UK and Europe.
(Inte 100% klart än)
The deal needs shareholder approval, but is already backed by the board.
The move comes after Flybe's profits warning in October.
Shareholders in Flybe will receive just 1p a share and the consortium, which also includes venture capital firm Cyrus, will inject £100m.
Flybe rescued by Virgin and Stobart - BBC News