UK regional carrier Flybe’s network could shrink by as much as one-third and a large number of Embraer jets could exit its fleet, if the proposed takeover by a Virgin Atlantic-led consortium goes ahead. The struggling airline, which put itself up for sale in November after running into financial difficulties, became the subject of a £2.2 million ($2.5 million) acquisition attempt by Virgin Atlantic, Stobart Group and Cyrus Capital on Jan. 11. Connect Airways, the new company ...

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