In recent times, it appears to have been the case that if a deal didn't go through quickly with someone, the airline would have ceased trading. The overnight emergency rescue mission only three weeks ago confirms that it was out of cash. Looking back, there was a statement before Christmas by Virgin which basically said "we are still interested" and no corresponding statement by Flybe at that time. The only reason I can think why Virgin would have made that statement is because the Directors of Flybe needed them to so that they could demonstrate a bidder was still interested and they could therefore continue trading through Christmas with the prospect of a better outcome for creditors and shareholders.
Today's announcement simply confirms what had previously been assumed to be the case through the actions of the Board.
Whether it should have been more transparent to shareholders as to the dire nature of Flybe's finances is a whole different question.
What I find most astonishing is in this evening's announcement that they are still talking up the CEO's "achievements". As far as anyone I know is concerned, one of the main reasons why Flybe is in such a mess is its leadership over the last couple of years. For the last act of this sorry saga to commence by saying that, since she arrived, it has had a clear strategy must rank as one of the most self-aggrandising statements ever. To blame (again) the failure on high fuel prices when they had one of the best hedging positions of any airline is an insult.