Despite the tourism boom and the recovery of transport volumes in 2023, several airlines faced bankruptcies in 2023. The record-holder was the American airline Red Way, which ceased operations just three months after launching flights.
These Airlines Have Gone Bankrupt in 2023:
Flybe
The first airline to cease operations in 2023 was Flybe. The British airline filed for bankruptcy at the end of January, just 290 days after its last bankruptcy and subsequent acquisition by an American hedge fund.
Flyr
In February, the Norwegian airline Flyr, founded in 2020, also bid farewell to the market. The pandemic, a sharp rise in fuel prices, and increased competition made this project unprofitable.
Niceair
Iceland’s Niceair, which took off in 2022, couldn’t withstand the competition. It operated flights from Germany to the city of Akureyri in northern Iceland but stopped flying in March of the previous year, filing for bankruptcy at the end of April due to a leasing conflict with the airline HiFlyMalta.
Novair
The Swedish airline Novair, specializing in charter transport, couldn’t find new tour operator partners and chose to exit the market in October 2023.
Aeromar
Mexican Aeromar, which served 21 popular tourist routes in the country, flying to the U.S. state of Texas and the Cuban capital Havana, was forced to cease operations due to debts accumulated during the pandemic.
Ultra Air
Colombian Ultra Air lasted just over a year. The low-cost carrier with six aircraft had big plans, including routes to neighboring countries. But nothing worked out: operating expenses outweighed profits.
Viva Air
At the end of February, Viva Air, which held 15% of the aviation market in Colombia, announced the cessation of operations due to economic problems. Its fate was repeated by the Peruvian “daughter” Viva Air Peru.
Air Guyane
In late September, the regional carrier Air Guyane in French Guiana went bankrupt. The reasons were the same: large debts accumulated during the pandemic hiatus.
Red Way
The shortest “lifespan” in 2023 belonged to the airline Red Way from the U.S. state of Nebraska. Just three months after its first flight, its operations were halted. The carrier operated two leased aircraft and, upon the expiration of the contract, failed to renew it and find new partners
