Exeter-based airline Flybe - which collapsed earlier this year resulting in thousands of jobs being lost - is set to be revived after being bought out by one of its former shareholders.
The airline could start flying again early next year following the deal agreed with hedge fund firm Cyrus Capital.
Subject to certain confidential conditions, the new deal is expected to allow the business to restart operations under the Flybe brand in early 2021.
Administrators said they will work together with Thyme Opco, the company associated with Cyrus Capital who completed the deal, the Flybe management team and the UK Civil Aviation Authority to prepare for the relaunch of the airline's operations.
Simon Edel, Joint Administrator and EY Turnaround and Restructuring Strategy Partner said: “Today’s announcement, and the upcoming completion of this sale, will be great news to communities around the country that were previously served by Flybe."
A spokesperson for Thyme Opco added: “We are extremely excited about the opportunity to relaunch Flybe.
"The airline is not only a well-known UK brand, it was also the largest regional air carrier in the EU, so while we plan to start off smaller than before, we expect to create valuable airline industry jobs, restore essential regional connectivity in the UK, and contribute to the recovery of a vital part of the country’s economy.”
Flybe went into administration in March with all routes from Exeter and Newquay airports cancelled.
It followed the airline running into financial trouble in January, with mounting losses prompting it to approach the government to seek emergency financial support.
When this wasn't agreed, coupled with the impact of the coronavirus pandemic, the airline collapsed into administration.