DULLES, Va., Nov. 23 /PRNewswire-FirstCall/ -- On November 7, 2005, FLYi, Inc. ("the Company") and its operating entity, Independence Air, a low-fare airline, and their respective subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). In conjunction with the filing of the petitions, the Company filed a variety of "first day motions" to help ensure a smooth transition into the Chapter 11 reorganization case. Among the first day motions was one that would require notices from and restrict the transfer of FLYi's claims by or to any person or entity that beneficially owns or that would, after such transfer, beneficially own in the aggregate at least $30 million in claims. The Company sought this order in order to preserve to the fullest extent possible the flexibility to develop and implement a plan of reorganization that maximizes the use of their net operating losses for U.S. income tax purposes.

(Logo: http://www.newscom.com/cgi-bin/prnh/20031119/DCW018LOGO-a )

On November 22, 2005, the Bankruptcy Court entered an interim order (the "Order") approving, among other things, certain notification and hearing procedures requested by the Company that must be satisfied before certain transfers of the Company's claims to holders of $30 million or more in claims are deemed effective, unless such holders elect out of, or are deemed to have elected out of, such procedures. In the event of such election or deemed election, such holders may be required prior to the effective date of a chapter 11 plan of reorganization for the Company either to sell some of their claims or to forfeit some of the equity consideration they might otherwise receive under such plan.

A copy of the Order, as well as certain related required notices, may be obtained free of charge from the website maintained by the Company's claims and noticing agent, Kurtzman Carson Consultants LLC at: http://www.kccllc.net/ia, or upon written request to Kurtzman Carson Consultants LLC, Re: FLYi, Inc., et al., 12910 Culver Boulevard, Suite I, Los Angeles, CA 90066.

Independence Air is the low-fare airline that makes travel fast and easy for its customers with a customer first attitude, innovative thinking and a willingness to challenge the status quo.

Independence Air, FLYi, the "i" logo mark and FLYi.com are service marks of Independence Air, Inc.

CONTACT: Rick DeLisi, Director, Corporate Communications, of FLYi, Inc.,
+1-703-650-6019

Web site: http://www.flyi.com/
http://www.kccllc.net/ia