Flybe becomes Virgin Connect

LONDON - A group around Virgin Atlantic saved Flybe from the brink of bankruptcy earlier this year. The British regional airline is due to align its name and brand with the new owner.

Flybe becomes "Virgin Connect" - the name change was announced Tuesday by Connect Airways CEO Mark Anderson. Connect Airways took the controls at near-defunct Flybe this summer upon regulatory approval.

The group is led by Cyrus Capital with a 40 percent shareholding, while Stobard Aviation and Virgin Atlantic hold a 30 percent interest each.

Flybe maintains a fleet of 76 regional aircraft and will feed traffic to Virgin Atlantic`s longhaul operation. Delta- and Air France-KLM-backed Virgin is eager to challenge British Airways upon the expansion of London-Heathrow and to take market share in Manchester up for grabs after the Thomas Cook bankruptcy.