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):
		      March 21, 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 7.01 Regulation FD Disclosure

FLYi, Inc. (NASDAQ/NM: FLYI) ("FLYi"), parent of low-fare
airline Independence Air, announced today that it has
completed the assignment of 30 Fairchild-Dornier 328JET
regional jet aircraft to Delta Air Lines. These aircraft had
formerly been used as part of the Delta Connection program.

As  previously disclosed in the Form 8-K filed February  25,
2005,  the  lenders in the leases for the 30  aircraft  have
effectively  released  FLYi and Independence  Air  from  all
future  obligations  for  these  30  aircraft.   As  partial
consideration therefor, approximately 1.5 million shares  of
FLYi's common stock is being issued to these lenders.  While
the  owner  participant  in  the leveraged  leases  has  not
committed  to  a release of FLYi and Independence  Air,  the
lenders, which have an assignment of the owner participant's
interest  in  the  leases and have  a  priority  of  payment
superior  to  that of the owner participant, have  committed
that  they  will  not assert any claims  against  FLYi  with
respect to events occurring after assumption by Delta.   The
lenders  have also agreed that, if FLYi is required to  make
any  payments under the leases and the lenders  receive  any
portion of such payments, they will return those payments to
FLYi.   As  addressed  in the Form  8-K  filed  by  FLYi  on
February  22,  2005,  in  February  2005  Independence   Air
paid  the balance of the January lease payment on the 328Jet
aircraft.   In connection with assignment of the  30  328Jet
aircraft, Delta has reimbursed such payment with respect  to
the assigned aircraft.

Independence Air retains two leased 328JET aircraft and one
owned 328JET, which it is actively marketing for sale.



                          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: March 22, 2005     By:/S/ Richard J. Kennedy
                         Richard J. Kennedy
                         Vice President, Secretary and
			 General Counsel