Grounded for Good: The Airlines That Didn’t Survive 2025

For over a decade, I’ve been keeping note of which airlines go out of business each year. Do you recognise any of these?

Aerolínea Lanhsa – Honduras
Air Albania – Albania
Air Dilijans – Armenia
Angara – Russia
Bees Romania – Romania
Blue Islands – Channel Islands (Jersey/Guernsey)
Braathens International Airways (jet/Airbus unit) – Sweden
Charn -Syria
Eastern Airways – United Kingdom
Georgian Wings – Georgia
Jetstar Asia – Singapore
Joy Air
Loch Lomond Seaplanes – United Kingdom (Scotland)
New Pacific Airlines – United States
PLAY – Iceland
Ravn Alaska – United States (Alaska)
Silver Airways – United States
SKS Airways / True Air – Malaysia
SmartLynx Airlines (Latvia AOC) – Latvia
Ultimate Jet – United States
Verijet – United States
Voepass Linhas Aéreas
Wizz Air Abu Dhabi – United Arab Emirates

Air Belgium
Belgium. Founded: 2016. Commenced: 2018. Passenger operations ceased: 2024 (bankruptcy).

Passenger flying had already stopped following the 2024 insolvency. After that, it was limited to wet‑lease and cargo work. In 2025, it finally vanished.

Aerolínea Lanhsa

Honduras. Founded: 2009. Commenced: 2010. Ceased: 7 April 2025.

Aimed to connect the Hondouran capital, Tegucigalpa, with coastal and island destinations such as Roatán and La Ceiba using three turboprops. On 17 March 2025, Flight 018 crashed into the sea near Roatán, killing 12 of the 17 people on board (15 passengers and 2 crew). This was the catalyst for the closure of an airline that had operated at very thin yields, had most of its costs in US dollars, and faced intense competition from buses and boats.

Air Albania

Albania. Founded: May 2018. Commenced: September 2018. Ceased in practice: 7 December 2025 (all flights suspended; AOC/license subsequently suspended).

Air Albania operated narrowbody aircraft leased from Turkish airlines, its 49% shareholder and other lessors on routes to Istanbul, London, Milan and Rome. In December 2025 Turkish Airlines pulled out and regulators suspended its licence.

Air Dilijans

Armenia. Founded: 2022. Commenced: 2023. Ceased: 6 February 2025.

A small Armenian start‑up in a very crowded market. It never grew beyond two 737s and a handful of short‑haul routes, and it struggled to stand out against stronger, better‑funded competitors such as Armenia Aircompany and FlyOne Armenia.

Angara Airlines

Russia (Siberia). Founded: 2000. Ceased: 5 November 2025 (AOC revoked; all commercial flights halted).

Flew Antonov An-24s and An-26s across eastern Russia from a base in Irkutsk, Siberia. There were long-standing complaints about safety. On July 24, 2025, Flight 2311, an An-24 from Khabarovsk to Tynda, crashed, killing all 48 individuals on board. Investigators determined that its Angara’s training and maintenance systems were very poor. Angara’s maintenance permission, training centre certification, and commercial air transport operating certificate were all removed.

Bees Airlines Romania

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Romania: Founded: 2023. Commenced: 2024. Ceased: January 2025

A fleet of one almost always spells trouble to me, and Bees Romania proved the point with a single A320! Their model was ultra-low-cost. It combined seasonal flights from Romanian airports to Mediterranean leisure destinations, together with a handful of scheduled routes from Romonia and Moldova. The airline struggled to pay staff throughput 2024, suspended flying in late December 2024, had its AOC suspended on 14 January 2025 and then revoked on 1 February 2025.

Braathens International Airways

Sweden. Founded: 2022. Commenced: April 2023. Ceased late September 2025.

Founded in 2022 by Sweden’s BRA group alongside its other subsidiary Braathens Regional Airlines. Operated five A319/A320s on behalf of Ving, Apollo and other Nordic tour operators, mainly flying from Scandinavia to Mediterranean leisure destinations.Delays to aircraft deliveries and softer demand from tour operators saw the unit burn through roughly USD 28 million with no sign of a profit. The board decided in August 2025 to shut this operation. At the end of September 2025 it filed for bankruptcy and, parked the planes. This left charter partners scrambling for replacement flights.
Braathens Regional Airlines continues to fly.

Blue Islands

Channel Islands (Jersey/Guernsey). Founded: 1999 (as Le Cocq’s Airlink). Ceased: 14 November 2025.

This was a significant collapse because Blue Islands was the main Channel Islands regional operator. Its five ATR turboprops connected Jersey, Guernsey and UK regional cities such as Southampton, Bristol and Exeter, plus seasonal flights to Paris, Bruges and Dublin. it employed around 100 staff, making it a significant local employer.
Blue Islands only survived the pandemic travel shutdowns thanks to a Jersey government loan, on which it still owed around £7.4 m when it failed. Servicing this debt, together with the highly seasonal local market and rising costs, meant it turned repeatedly to the Jersey government for help. In November 2025, after further funding was refused, Blue Islands “suspended trading”, cancelled all flights and told passengers not to go to the airport. Aurigny and Loganair mounted rescue flights for stranded passengers and are taking over Blue Islands routes permanently.

Cham Wings Airlines

Syria. Founded: 9 July 2006. Commenced: 3 March 2008. Ceased as “Cham Wings Airlines”: 5 June 2025 .

Syria’s first private airline, breaking Syrianair’s long‑standing monopoly, it positioned itself as a charter carrier from Damascus International Airport and initially struggled to win approval for scheduled services.
It halted operations in 2012 because of the Syrian war, then re‑emerged in 2014 as a scheduled carrier serving nearby markets such as Beirut, Kuwait, Baghdad and Qamishli.
Following political changes in Syria, Cham Wings briefly resumed services in early 2025, but by June 2025 the brand disappeared: its assets were absorbed into a new Syrian‑Emirati joint venture, Fly Cham, which launched operations with Airbus A320s on regional routes. Most of Cham Wings Airlines employees have been transferred to this new company Fly Cham.

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United Kingdom (Scotland). Founded: 1997. Ceased: 27 October 2025

This collapse feels like one of the saddest to me personally. As a part‑time Aberdonian, Eastern has always represented a part of that Scottish city. Eastern operated a mix of UK domestic routes from Humberside and Aberdeen, North Sea oil‑and‑gas shuttles, public‑service‑obligation contracts and ad‑hoc charter work. Its fleet was a mix of Embraer regional jets and turboprops, and it carried well over a million passengers a year, not bad for a UK regional carrier.
Eastern was bleeding cash, however, reportedly losing almost £20 million (around USD 25 million) in the year to March 2024. Debt reached £26 million (roughly USD 33 million) in late October 2025. Aircraft were ferried back to lessors and an administrator appointed. No rescue emerged

FlyBig
India. Founded in the late 2010s as a regional carrier focused on UDAN routes to smaller Indian cities, FlyBig aimed to tap government‑subsidised connectivity with a small turboprop fleet. Financial strain, operational disruptions and difficulty sustaining thin regional routes meant its scheduled operations gradually stalled, and it ultimately disappeared from regular service, leading some trackers to list it among 2025’s losses even though its decline stretched over several years.

Georgian Wings

Georgia (Europe). Founded: 2017. Commenced: 2017. Ceased: 16 April 2025 (passenger brand retired; 737 fleet withdrawn).
Georgian Wings was set up as the passenger arm of cargo carrier Geo‑Sky, using two Boeing 737‑300s for scheduled and charter flights from Tbilisi. It never found a clear niche in a small, competitive market already served by Georgian Airways, low‑cost carriers and foreign flag airlines.[
In April 2025, Geo‑Sky pulled the plug: both 737s were retired, passenger services stopped, and the Georgian Wings brand dropped. The Geo- Sky cargo operation continues.

Jetstar Asia (3K) – Singapore

Singapore. Founded: 19 November 2004. Commenced operations 13 December 2004. Ceased: 31 July 2025

This one directly impacted me. I’m not a fan of Qantas’ Jetstar family, but I found that Jetstar Asia was the pick of the bunch. They were helpful for me when travelling intra‑ASEAN to places like Bangkok, Manila, Jakarta, Denpasar (Bali), and Colombo. They were a handy way to connect to Qantas flights between Singapore and Australia and helped me accumulate Qantas status credits.
Jetstar Asia operated 13 Airbus A320s on about 180 weekly flights, carrying roughly 2.3 million passengers in 2024, and accounted for about 3% of Changi’s traffic.
In June 2025, Qantas announced that Jetstar Asia would cease all operations. This was due to rising supplier costs, high Changi Airport charges, and intense regional competition from Scoot, AirAsia, VietJet, and others. They determined that the airline was no longer able to deliver acceptable returns.
For passengers, flights were progressively cut back; anyone on cancelled services was offered rebooking where possible or full refunds. More than 500 Singapore‑based staff (pilots, cabin crew and ground roles) were laid off, with redundancy packages and help offered to find roles at other airlines in the region, including SIA Group, and the aircraft have been redeployed into Jetstar and QantasLink operations in Australia and New Zealand.
Jetstar Asia was a joint venture: 51% Singapore‑owned and 49% Qantas‑owned. It was one of four Jetstar‑branded airlines. Jetstar Airways in Australia/New Zealand and Jetstar Japan, which both still operate. Vietnam’s Jetstar Pacific is now Pacific Airlines

Joy Air

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China. Founded: 29 March 2008. Ceased: 27 April 2025
This was China’s first private sector airline. It focused on the northwestern part of China. Ceased for “operational reasons”.

Loch Lomond Seaplanes

United Kingdom (Scotland). Founded: 2003. Ceased: 11 April 2025.

United Kingdom (Scotland). Founded: 2003. Ceased: 11 April 2025.
Unusually, a commercial seaplane operator. It provided sightseeing and charter flights over Scotland’s west coast from bases at Loch Lomond and near Glasgow. It used a float‑equipped Cessna Caravan. Loch Lomond had explored adding electric Noemi seaplanes as a “green” regional aviation showcase. They had suspended operations in 2021 and relaunched in 2022.
A parts backlog prevented it from continuing flights last year. LLS stopped taking bookings in April 2025 and liquidators were appointed in mid‑2025

Lumiwings

Greece. Founded: December 2015. Commenced: May 2018. Ceased: 26 September 2025.
Started initially as a charter operator. In 2021, while keeping its Greek AOC and ownership, it shifted to running regional routes from Foggia in Italy using two jets, a Boeing 737‑700 and an Embraer E195.
The 737‑700 was later withdrawn from service when its lease ended, leaving the E195 as the only active aircraft. In October 2025, a London court ordered the E195 returned to its lessor due to unpaid instalments, and with no usable aircraft left, Lumiwings ceased operations

Mýflug Air (Iceland).

Founded: 7 April 1985. Ceased: June 2025 (after around 40 years of operations).

It started with sightseeing, charter and flight‑training flights from Reykjahlíð before focusing on air‑ambulance and charter work across Iceland and Greenland, using small turboprops.
In its later years it absorbed Eagle Air and briefly operated subsidised domestic routes sar, but low demand and a strategic shift led it to hand those routes to Norlandair and end flying altogether in 2025

New Pacific Airlines

United States. Founded: 2021 (as Northern Pacific Airways). Commenced: 2023. Ceased: 26 November 2025.

Born as “Northern Pacific”, New Pacific wanted to be an Icelandair‑style connector using Anchorage and Boeing 757s to link the US and Asia. Russian airspace closures from 2022 onwards torpedoed the business plan and made the whole model unworkable.
In 2023, it was then forced to rebrand from Northern Pacific Airways to New Pacific Airlines after BNSF Railway, owner of historic Northern Pacific Railway trademarks, took legal action.
The airline never launched its transpacific network. Instead they settled in 2023 for unusual domestic routes like Ontario, California to Nashville and Reno. These were not successful so New Pacific transitioned in April 2024 to charter operations, servicing sports teams and political campaigns with a 78‑seat all‑business Boeing 757. It struggled to fully utilise the aircraft and cover its costs before finally shutting down. Note the owners of New Pacific also owned Ravn (listed below).

PLAY

Iceland. Founded: 2019. Commenced: June 2021. Ceased: 29 September 2025.

Two former Wow Air executives founded PLAY to use Iceland as a bridge between North America and Europe, much as WOW Air had unsuccessfully tried before. Wow went bankrupt in 2019. Initially, the PLAY model worked reasonably well. By 2024 it operated ten Airbus A320neo/A321neo aircraft, served more than 30 destinations across Europe, the Canary Islands and North America, and carried around 1.6 million passengers that year.
However, lower demand, compounded by unfavourable exchange rates and the extended downtime of an aircraft for engine maintenance, caused the airline to report “substandard” earnings.
Management attempted to cut costs. They shifted the airline’s AOC to Malta in early 2025. The transatlantic ambitions were trimmed and refocused on shorter‑haul European leisure routes.The move came too late: in late September, the board closed the airline, returned the AOC and cancelled all flights overnight, leaving thousands of passengers scrambling for “rescue fares” leaving thousands of passengers scrambling for “rescue fares” and roughly 400 staff jobless.

Ravn Alaska

United States (Alaska). Founded: 1948 (as Economy Helicopters). Ceased: 5 August 2025

Ravn Alaska traced its roots back to small post‑war operators in the late 1940s, colloquially known as “bush operators”. They gradually merged into a single regional carrier under the Ravn Alaska name.On 5 April 2020, amid the COVID-19 travel disruptions, Ravn shut down operations, filed for Chapter 11 bankruptcy, and laid off all staff. On 13 November 2020, services restarted. The airline was rebuilt to a fleet of 12 aircraft. They had the same owners who started New Pacific.
In February 2024, roughly 130 employees were laid off. The airline announced it was experiencing financial difficulties, including inflation, labour shortages and “unexpected competition” on some of Ravn’s routes. The airline continued to shrink, and its final flight operated in August 2025.

Silver Airways

United States (Florida). Founded: 2011. Commenced: December 2011. Ceased: 11 June 2025.

Gulfstream International Airlines was a U.S. regional carrier that flew between 1990 and 2010 on short‑haul routes in Florida, the Bahamas and nearby markets. After Chapter 11 bankruptcy, its assets were auctioned and bought by new owners, who used them to launch Silver Airways rather than revive the Gulfstream brand. Silver essentially served the same general geographies, focusing again on short‑haul routes in Florida, the Bahamas and nearby markets
At its peak, Silver operated around 20 aircraft, including both Saab 340s and ATR 42/72s. By the time it sought Chapter 11 bankruptcy protection in early 2025, it was down to eight ATR 42/72 turboprops. Its assets were ultimately sold at auction to an investment vehicle that had no interest in actually running an airline. On 11 June 2025, Silver halted all operations immediately and left passengers to claim refunds through credit card chargebacks or through travel agents.

SmartLynx Airlines (Latvia)

Latvia. Founded: 1992 (as LatCharter). Ceased commercial operations: 24 November 2025 (Latvian AOC).

This is a complex story.
LatCharter was a one‑off charter specialist. It rebranded as SmartLynx and moved into a broader charter role, supplying aircraft and crews to flag carriers and mass‑market holiday operators.
The SmartLynx name ended up on companies in Latvia, Estonia and Malta, each with its own air operator certificate. The original Riga Smartlynx became just one part of three separate operations inside Avia Solutions Group. At a group level Smartlynx companies had around 65 aircraft (A320, A321, A321F, A330 and 737 MAX).
In October 2025 Avia sold SmartLynx Latvia to Dutch fund Stichting Break Point Distressed Assets Management. The fund took 90%, and the Smartlynx CEO and CFO got 5% each. Officially this was explained as part of a plan to consolidate its European AOCs. The timing drew criticism in Latvia because the airline entered creditor protection and then insolvency weeks later.
The Estonian and Maltese units have stayed with Avia and kept flying. They will now merge and rebrand. The original Riga‑based SmartLynx is gone, however.

SKS Airways/ True Air

Malaysia. Founded: 2017. Commenced: 25 January 2022. Ceased: 16 January 2025.

Focused on island‑hopping from Kuala Lumpur Subang airport and Johor Bahru (near the Singapore border). It sold itself as the boutique way to reach resort islands such as Pangkor, Redang and Tioman. They had just two DHC‑6 Twin Otters.
In 2023, it rebranded to True Air and signed up for 10 Embraer E195‑E2s, aiming to make Subang a hub. Unfortunately, at the time, regulators limited Subang’s jet operations to reduce congestion. , The airline was unable to procure enough landing slots to make its routes viable.
From November 2023, flights were “temporarily” suspended as cash ran short, then in 2024, the regulator slapped a 90‑day AOC suspension on the carrier, and it never returned to the sky. Its Air Service Licence (ASL) expired at the end of 2024, but it took until January 2025 for the company to admit defeat.

Sunwing Airlines

Canada. Founded: 2005. Folded into Westjet 2025.

Sunwing built its model around package holidays from Canada to the Caribbean, Mexico and Florida, bundled with its tour operation. In May 2023, WestJet acquired them. The Sunwing Airlines brand, flights and aircraft disappeared in 2025.

Trans Am Aero Express del Ecuador

Ecuador. Founded: 1991. Commenced: 1991. Ceased: 11 July 2025.

Known in later years as DHL Ecuador, it was a Guayaquil‑based cargo carrier wholly owned by Deutsche Post, flying parcels and freight for the DHL network mainly between Guayaquil, Quito and Panama City. In 14, 2025, the airline suspended operations and was replaced by DHL Aero Expreso, based out of Panama City, Panama.

Ultimate Jet Charters

United States (business/charter) Founded: 2009. Commenced: July 2009. Ceased: April 2025

Originally ran public charter flights on a published schedule from Cincinnati on routes no longer operated by Delta and Comair. Those services were suspended in 2020–21 and again from December 16, 2021, when Ultimate Jet reverted to being a pure charter and shuttle operator. With seven Embraer 135s and Cessna Citation Xs, it flew sports team shuttles, casino runs and ad‑hoc charters across the US. It had previously
Heavy competition from larger brands is cited as the reason for demise. Six of its aircraft were listed in an April 2025 “fleet liquidation” auction, and Ultomate surrendered its Part 135 certificate (effectively losing U.S. FAA approval) shortly after.

Vensecar Internacional

Venezuela. 1996- 2025
Operated freight services within Latin America. With Venezuela’s economic decline, the airline dwindled

Verijet

United States. Founded: 2019. Commenced: 2020. Ceased: 9 October 2025

Verijet set out to be a “green air taxi”, offering on‑demand short‑haul private flights at prices positioned close to airline fares. At its height it had 20 Cirrus Vision Jet G2 seven seater jets under management or operation. They covered South Florida, Texas, California, South Carolina, the Northeast, and the Caribbean.
A 2022 accident badly damaged one Vision Jet, and on top of that customers sued over delayed or undelivered trips. On 13 September 2025 founder‑CEO Richard Kane died of a heart attack. Not even a month later, on 9 October 2025, the court‑appointed receiver filed for Chapter 7 bankrupcty. Verijet was found to have about 2.5 million USD in assets against roughly 38.7 million USD in liabilities.

Voepass Linhas Aéreas

Brazil. Founded: 1995 (as Passaredo). Ceased: 24 June 2025 (AOC revoked).

VVoepass used ATR turboprops to connect small cities in Brazil. Flight 2283 crashed in August 2024, killing everyone on board, which included 70 people. After the incident, examinations found serious safety issues that led the safety authority to ground all flights on March 11. On June 24, 2025, the regulator took away Voepass’s Air Operator Certificate for good.

Wizz Air Abu Dhabi

United Arab Emirates. Founded: 2019. Commenced: January 2021. Ceased: 1 September 2025.

This was a joint‑venture between Wizz Air and Abu Dhabi investors. The intention was to help expand the Wizz brand from Europe into the Middle East. They used eight A321neos to connect around 20 destinations across the Caucasus, Central Asia, Southern Asia and Eastern Europe.

Wizz, however, stuggled with its Pratt & Whitney engines in the Gulf heat, war‑related airspace closures, and significant fare competition. On 1st September, Wizz closed the Abu Dhabi unit and ended all those flights. Local crews were offered redeployment to Central and Eastern Europe.

Conclusion

Looking across 2025’s airline failures, several clear patterns emerge:

Too many small low-cost carriers chasing the same passengers. Someone has to lose, and it’s always the under-capitalised airline with one or two aircraft.

Thin margins, post-pandemic debt, high fuel costs, and brutal competition leave carriers with no buffer. You need scale. As I’ve said before, you need capital to buy a decent fleet. Look at Starlux in Taiwan and Riyadh Air in Saudi Arabia.

Geopolitics and external shocks are unforgiving. Airspace closures, engine groundings (Wizz Abu Dhabi’s Pratt & Whitney issues), and politics all claimed victims. Business models need to work from day one. New Pacific’s Alaska hub strategy died when Russia closed its airspace. SKS/True Air ordered jets but couldn’t get landing slots. PLAY tried to replicate WOW Air’s failed model and got the same result.

Finally, Safety failures are fatal, literally and commercially. Three major crashes (Lanhsa, Angara, Voepass) killed 118 people and destroyed the airlines.

2026 won’t be any easier. I am sure I will have a new list at the start of 2027.