Sixteen months after FLYi declared its independence and began operations with a fleet of 50-seat RJs, the low-fare carrier Monday filed for Chapter 11 bankruptcy protection. The company said it will maintain operations as it seeks outside investors, attempts to restructure aircraft leases and establishes an auction process to sell off some of its assets. In a petition filed with the US Bankruptcy Court for the District of Delaware, it listed assets of approximately $378.5 million and ...

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