Flybe has completed a sale with a consortium lead by Virgin Atlantic for one pence a share.
Connect Airways is formed between Virgin Atlantic, the Stobart Group and investment firm Cyrus Capital. The consortium has paid £2.8 million to take control of the main trading of Flybe as well as the online arm of Flybe.com.
Flybe previously snubbed a bid from the American airline, Mesa Air to buy the troubled service, saying it did not believe the offer gave enough time for the airline "to continue to trade".
The regional group now has no subsidiaries and no material assets. Limited cash from the share agreement will be used for company rundown costs.