SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549

                       _______________

                          FORM 8-K

                       CURRENT REPORT

           PURSUANT TO SECTION 13 or 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934



 Date of report (Date of earliest event reported):
                          January 27, 2005

                         FLYi, Inc.
     (Exact Name of Registrant as Specified in Charter)

       Delaware                0-21976             13-3621051

   State or Other          Commission File       IRS Employer
  Jurisdiction of                Number       Identification No.
   Incorporation


   45200 Business Court, Dulles, VA                  20166
   (Address of Principal Executive Offices)     (Zip Code)


 Registrant's telephone number, including area code:
                          (703)650-6000


                             N/A
    (Former Name or Former Address, if Changed Since Last
                           Report)


Item 2.04(b)   Triggering Events That Accelerate or Increase
          a Direct Financial Obligation or an Obligation
          under an Off-Balance Sheet Arrangement

The disclosure set forth in the third paragraph of Item 7.01
is hereby incorporated by reference into this Item 2.04(b).


Item 7.01 Regulation FD Disclosure

In response to recent speculation with respect to the status
of its restructuring negotiations, FLYi, Inc. is providing
the following information:

FLYi continues to engage in negotiations with its aircraft
lenders and lessors to restructure its obligations.  These
negotiations are active and ongoing.  As a matter of policy
FLYi does not comment on or respond to speculation on these
matters, but will provide a statement upon determination of
the outcome of these negotiations.

One party participating as a lender in the leveraged lease
of a single CRJ aircraft declined to participate in these
negotiations, and chose to exercise its available remedies
following the Company's failure to pay the aircraft's lease
rents when due.  On January 27, 2005, the Company was served
with a lawsuit in the Southern District of New York, seeking
among other things termination of the lease, repossession of
the aircraft and damages resulting from the early
termination.  Because of the obligation to mitigate damages
with respect to the aircraft, the Company can not assess the
amount, if any, that will ultimately be recovered in
damages.  The Company also is not able to assess whether any
other obligations may arise, increase, be accelerated or
become due as a result of the lender's action.  The Company
does not presently anticipate that this matter will preclude
it from successfully concluding it's restructuring, and
believes that the outcome of those efforts will be
determined by the ongoing negotiations with other lenders
and lessors.

This filing on Form 8-K contains forward-looking statements
and is are made as of February 11, 2005, and the company
undertakes no obligation to update its disclosures, whether
as a result of developments in its efforts, or as a result
of any other new information, future events, changed
expectations or otherwise, prior to its next required filing
with the Securities and Exchange Commission.  Such forward-
looking statements are subject to risks, uncertainties,
assumptions and other factors that may cause the actual
results of the company to be materially different from those
reflected in such forward-looking statements.  Such risks
and uncertainties include, among others: the ability of the
company to successfully complete negotiations with its
various lessors and lenders to reduce and/or defer its
aircraft lease and loan payments; the ability of the company
to effectively implement its low-fare business strategy
utilizing regional jets and Airbus aircraft, and to compete
effectively as a low-fare carrier, including passenger
response to the company's new service, and the response of
competitors with respect to service levels and fares in
markets served by the company; the effects of high fuel
prices on the company; the ability to successfully and
timely resolve its obligations with respect to its aircraft
that are not used for Independence Air operations; and other
risk factors are more fully disclosed under "Management's
Discussion and Analysis of Financial Condition and Results
of Operations" in the company's Form 10-K for the year ended
December 31, 2003, its Quarterly Report Form 10-Q for the
period ended September 30, 2004 and in subsequently filed
Forms 8-K.

                          SIGNATURE

Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has caused this current report to be
signed on its behalf by the undersigned hereunto duly
authorized.

                              FLYi, Inc.




Date:  February 11, 2005           By:  /S/ David W. Asai
                                   David W. Asai
                                   Vice President, Controller
                                   and Chief Accounting Officer