Flybe has completed its sale to a consortium led by Sir Richard Branson's Virgin Atlantic for just 1p a share.
The airline, which was founded in Jersey, is now owned by Connect Airways.
The consortium consists of Virgin Atlantic, Stobart Group and investment firm Cyrus Capital.
Flybe snubbed a rival rescue proposal from another consortium, saying it saw the existing Connect offer as the "only viable option available to the company which provides the security that the business needs to continue to trade successfully".
It pointed out it had already drawn down £15m in working capital from Connect as part of the deal.
Hosking Partners, which owns 19% of Flybe, has expressed fury at its board's decision to recommend Connect Airways' 1p-a-share offer for the holding company while selling its main assets in a separate deal worth just £2.8m.
Flybe launched a formal sale process last autumn, blaming currency volatility, rising fuel costs and uncertainty surrounding Brexit.