Exhibit 99.1

For Immediate Release                   Contact: Rick DeLisi
February 16, 2005         Director, Corporate Communications
Page 1 of 1                                   (703) 650-6019

     FLYi, Inc. Announcement Regarding Interest Payment
                    On Convertible Notes

Dulles,  VA,  (February 16, 2005) - FLYi,  Inc.  (NASDAQ/NM:
FLYI),  parent of low-fare airline Independence Air,  stated
today   that,  because  it  is  continuing  to   engage   in
negotiations  with  its  aircraft  lenders  and  lessors  to
restructure its obligations, it determined not to  make  the
February  15,  2005 interest payment on its  6%  Convertible
Notes  due  2034.  Under the Note indenture,  an  "Event  of
Default" will not occur provided that the defaulted interest
is paid within 30 calendar days.  The company expects to pay
the  interest  owing  before the expiration  of  the  30-day
period  provided that it is able to successfully and  timely
conclude its ongoing restructuring efforts.  As a matter  of
policy FLYi does not comment on or respond to speculation on
the status of its restructuring efforts, but will provide  a
statement  following determination of  the  outcome  of  the
negotiations.
                            # # #

This  press release contains forward-looking statements  and
is  are  made  as  of  February 16, 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   that   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.