Croatia Airlines has warned of negative financial outcomes in the short term, citing challenges associated with its fleet renewal investment cycle. The airline is currently undergoing a major fleet transition, which is expected to improve long-term operational efficiency but will temporarily strain financial performance.
VoePass, a regional airline in Brazil, is navigating a financial crisis, reporting a $37.2 million debt burden. To mitigate its financial struggles, the airline is demanding $6 million from its partner LATAM Brasil, as it continues discussions with creditors.
Go First Airways, an Indian low-cost carrier, has been ordered into liquidation by the National Company Law Tribunal (NCLT) after its lenders filed a request for insolvency resolution. The decision marks a critical turning point for the airline, which had been facing financial challenges for some time.
Air Seoul, a South Korean low-cost carrier, has announced yet another postponement of its loan repayment to its parent company, Asiana Airlines. This marks the 18th extension of the loan’s maturity date since the airline first borrowed US$20.6 million in June 2020.
airBaltic, the Latvian flag carrier, faces mounting financial pressures as current bond liabilities and rising interest rates threaten its long-term sustainability. According to Klavs Vasks, chairman of airBaltic, a state capital injection may be inevitable unless the Latvian government is willing to fully relinquish its stake to other investors.
Air Nostrum (Spain) has announced its inability to meet upcoming debt repayment deadlines, prompting discussions with the Sociedad Estatal de Participaciones Industriales (SEPI) and the Instituto de Crédito Oficial (ICO). The airline faces significant financial obligations, including substantial repayments spread over the coming years.
Nordica, Estonia’s national airline, has announced its decision to close operations and file for bankruptcy. The move follows the withdrawal of potential investor Lars Thuesen from a critical funding deal. This marks a significant setback for the carrier, which had been seeking financial support to sustain its operations.
TAROM, Romania’s national airline, may need to go beyond its current restructuring plan to secure its future, according to an independent auditor. This assessment comes despite the airline showing improved financial results for 2023, indicating progress but not enough to address long-term sustainability.
Rhein-Neckar Air, a regional airline based in Mannheim, Germany, has filed for insolvency, citing significant financial challenges. The airline, known for connecting the Rhine-Neckar metropolitan region with destinations such as Berlin and Hamburg, has suspended all operations as of November 1, 2024.
