BCLP Steps In as Flybe Enters Administration
After a long battle to stave off collapse, the low-cost airline finally brought in administrators EY this morning.
March 05, 2020 at 05:58 AM
2 minute read
Bryan Cave Leighton Paisner (BCLP) has stepped in as U.K. low-cost airline Flybe enters the administration process.
The airline confirmed this morning that it had brought in administrators, and had "ceased trading with immediate effect".
Advising administrators EY, BCLP has fielded a team led by London-based restructuring partner Ben Jones, according to a person close to the matter.
EY, meanwhile, has appointed Alan Hudson, Joanne Robinson, Lucy Winterborne and Simon Edel as joint administrators.
Flybe fell into financial difficulties at the end of 2018, and was taken over by a consortium made up of airline Virgin Atlantic, investment firm Cyrus Capital and transportation company Stobart Group in January 2019, with BCLP advising Flybe on the transaction, alongside Morgan Lewis & Bockius and Hill Dickinson and Herbert Smith Freehills.
On its website, Flybe has advised its customers against travelling to the airport, unless they have arranged alternative flights with other airlines.
Last year, Shoosmiths picked up the lead role advising on the administration of now-defunct airline Monarch's engineering arm, while Stephenson Harwood , Freshfields Bruckhaus Deringer and Kirkland & Ellis advised on the wider administration in 2017.
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