I see along with the slot argument people are going on about the pandemic.
but the newco is coming out of it with minimal overheads and can simply start to ramp up operations when recovery is viable without the headache of paying for the last 12/18 months downtime.
we don’t know quite wha the world will look like, but people will still want to travel on holiday and for business. While zoom meetings keep things going there are a lot of businesses desperate to get some sort of face to face interaction. Biggest change may be amount of home working but I can’t imagine this sort of commuter was ever a Flybe customer.
They also have the old route data, plus regional airports on their knees.
I am not writing them off in my head, as yet.