Latvia-based SmartLynx Airlines suspended operations on Monday, the company informed LETA.
The decision was made after assessing the company’s financial situation and long-term prospects.
SmartLynx Airlines CEO Edvinas Demenius said the decision followed a thorough review of all possible scenarios for continuing operations. “Unfortunately, under the current circumstances, it has been concluded that it is no longer feasible to continue the company’s operations,” Demenius said.
Riga Airport CEO Laila Odina told the Delfi.lv portal on Monday that SmartLynx had operated virtually no flights from Riga Airport and had not carried out any charter flights in the past 12 months. The airline was active only in the ACMI sector, leasing aircraft to other carriers abroad, and therefore had no impact on flight numbers or passenger volumes at Riga Airport, she added.
As reported, legal protection proceedings were launched against SmartLynx Airlines by the Riga District Court on October 28, 2025.
On that date, SmartLynx Airlines had a tax debt of EUR 522,584, according to data from the State Revenue Service.
SmartLynx Airlines told LETA that following changes in the company’s ownership, it had begun implementing a recovery plan and restructuring measures aimed at ensuring future operations.
The Aircraft, Crew, Maintenance and Insurance (ACMI) sector is highly dynamic and subject to constant change, Demenius noted.
“2024 was a challenging year for SmartLynx and the entire ACMI industry, with rising costs, delivery delays and moderate market growth affecting airlines’ operations. In this environment, companies, including SmartLynx, need time to adjust to the new market conditions,” he said.
As previously reported, SmartLynx Airlines was acquired earlier in October by the company’s management and a Dutch investment fund.
The Netherlands-based Stichting Break Point Distressed Assets Management currently owns 90 percent of SmartLynx Airlines, while Demenius and board member Mindaugas Kazakevicius each own 5 percent.
Before the transaction, the sole owner was Smart Aviation Holding, part of the Avia Solutions Group, whose beneficial owner is Gediminas Ziemelis, according to Firmas.lv.
SmartLynx Airlines said at the time that it would continue operating as an independent company, while SmartLynx Airlines Malta and SmartLynx Airlines Estonia would remain under the previous shareholder.
SmartLynx Airlines carried 10.66 million passengers in 2024 – a 62.5 percent increase compared to the previous year, the company told LETA. The airline operated 68,085 flights in 2024, up 43.4 percent from 47,495 flights a year earlier, while cargo volumes fell by 6.8 percent to 31,872 tons.
At the end of 2024, the airline’s fleet consisted of 68 aircraft, one more than a year earlier.
SmartLynx Airlines was established in 1992 and has a share capital of EUR 1 million, according to Firmas.lv.
Source: BNS
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