Tag: bankruptcy

Aigle Azur Fails to Secure Buyers: Airline to Be Liquidated

Reading Time: 1 minute The fate of Aigle Azur, the second largest carrier in France, is decided. After a French commercial court came to the conclusion that any of the rescue offers were suitable to recover Aigle Azur, the airline was put into liquidation. The airline was placed in receivership in the beginning of September following the growing financial […]

French XL Airways Stops Ticket Sales Amid Financial Problems

Reading Time: 1 minute XL Airways, a French airline specializing in long-haul flights, has suspended tickets’ sale reporting financial problems. Yet another European airline on the verge of collapsed. XL Airways operates a fleet of four Airbus A330 widebodies. For some time already the airline has been in search for potential buyers, although unsuccessfully. “Due to its financial difficulties, […]

French Aigle Azur Set to File for Bankruptcy

Reading Time: 1 minute Aigle Azur, the French airline founded 73 years ago, is about to file for bankruptcy. The airline has been placed in receivership and is open to offers from buyers. Even though the airline has entered severe turbulence, operations will continue. Reportedly, such an outcome has followed a dispute with one of shareholders who attempted to […]

Germania Files for Bankruptcy and Cancels Flights

Reading Time: 2 minutes Germania, an independent German airline based in Berlin, has filed for insolvency and cancelled all its flights. In the end of January, 2019, the airline announced about successful negotiations on financing issues, however, did not come up with a workable solution. “Unfortunately, we were ultimately unable to bring our financing efforts to cover a short-term […]

VLM Airlines Brussels Files For Bankruptcy

Reading Time: 1 minute VLM Airlines Brussels, a former subsidiary of VLM Airlines NV based in Brussels, Belgium, has filled for bankruptcy, being unable to secure enough funds to survive the winter period 2018/2019. As for now, VLM Airlines Brussels was operating a single Airbus A321. Earlier this year the airline’s fleet consisted of two more A320s, former belonging […]

Avianca Brasil Files For Bankruptcy

Reading Time: 1 minute Avianca Brasil, the fourth largest airline in Brasil, filed for bankruptcy protection on Monday after three aircraft lessors sued the carrier for return of close to 30% of its all-Airbus fleet of about 50 aircraft. According to Avianca Brasil statement, the bankruptcy filing came a result of a failure to reach a “friendly settlement.” Avianca […]

Indebted Air Moldova Sold to Romanian Group for $71 Million

Reading Time: 1 minute Romania’s Blue Air-led consortium has been declared as the successful bidder in the tender for the acquisition of Moldova’s debt-ridden national carrier Air Moldova, the airline’s current owner Public Property Agency has revealed. The winning consortium, known as the Civil Aviation Group, was reportedly the only bidder for the struggling airline and is now due […]

Primera Air Leaves Passengers Stranded as It Ceases Operations

Reading Time: 1 minute Primera Air, a Danish leisure airline owned by the Primera Travel Group, has ceased all operations with immediate effect, as of midnight October 1 leaving up to 5,000 passengers stranded at various destinations in Europe and North America. “This is a sad day for all the employees and passengers of Primera Air. The company has […]

Gediminas Ziemelis: At Least 5 Medium Size EU Airlines Will Go Bankrupt in 2018-2019

Reading Time: 4 minutes Between 2004 and 2015, the US airline industry saw 11 major air carriers merge into 4. This massive consolidation took place as a response to industry slowdowns and from the lack of ability on the airlines part to generate a profit. As the dust settled, the remaining airlines have learned from their past and are […]

Switzerland’s SkyWork Files for Bankruptcy

Reading Time: 1 minute The last SkyWork flight landed in Bern Airport on Wednesday night, as ongoing financial difficulties forced the company to declare itself bankrupt. Some 11,000 passengers are affected. SkyWork voluntarily returned its operating licence to the Federal Office of Civil Aviation (FOCA), after negotiations with a potential investor failed and resulted in SkyWork “being unable to […]