Mooney,
You're not quite right, but not far off either !
Fly European was the 'Swedish' outfit, Fly Europa is an company planning to op between UK/Germany/Spain , apparently some links with the guy who ran AB Airlines
Was due to start 2000 with 737s op by 'English' flight crews (wot no Scots/Welsh or Irish......?)
The Website
http://www.fly-europa.com/
gives more info